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250807.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, August 7, 2025, Vol. 29, No. 218 Headlines 1993 GREEN: Case Summary & Two Unsecured Creditors 23ANDME HOLDING: Files Corrected Notice of Equity Panel Appointment 3000 EMBER DRIVE: Case Summary & Four Unsecured Creditors 875 CONLEY CV22: Case Summary & Three Unsecured Creditors 925 CONLEY CV22 PLEDGOR: Case Summary & One Unsecured Creditor 925 CONLEY CV22: Case Summary & Four Unsecured Creditors A.I. BUILDERS: Court OKs Equipment Sale at Auction ACTION IMPORTS: U.S. Trustee Appoints Creditors' Committee ADC AND T: Gets Interim OK to Use Cash Collateral Until Aug. 21 AGEMY FAMILY: Seeks to Extend Plan Exclusivity to August 30 ALL AMERICAN: To Sell 2003 Ferrari to Mercedes Benz for $75K ALL IN PROFITS: Todd Hennings Named Subchapter V Trustee AMERI-DENT DENTAL: Gets Extension to Access Cash Collateral ANNALEE DOLLS: Court Extends Cash Collateral Access to Aug. 31 APOGEE BREWING: Case Summary & Nine Unsecured Creditors APPLIED DNA: Registers 200K More Shares for 2020 Equity Plan AT HOME GROUP: Recovery for Unsecureds Still to Be Determined AUXILIARY OPERATIONS: U.S. Trustee Unable to Appoint Committee AVANT GARDNER: Seeks Ch.11 After Venue Failed to Open 2025 Season AVENTURA ECO-OFFICES: Voluntary Chapter 11 Case Summary AXIOM REAL-TIME: SSG Served as Investment Banker in Asset Sale BASIC WHOLESALE: Taps Thornbladh Legal Group as Bankruptcy Counsel BEDFORD CAPITAL: Salvatore LaMonica Named Subchapter V Trustee BHOWMICK LIQUOR: Joli Lofstedt Named Subchapter V Trustee BOKQUA LLC: Seeks Chapter 11 Bankruptcy in Colorado BRANDFOX LLC: U.S. Trustee Unable to Appoint Committee BRIGGS BROTHERS: Case Summary & Three Unsecured Creditors BRIGHT HORIZON: S&P Rates New $450MM First-Lien Term Loan 'BB+' BRIGHTLINE TRAINS: Fitch Lowers Rating on $2.2BB Bonds to 'B' BWY TRANSPORT: Court OKs Interim Use of Cash Collateral CHICAGO SMILES: Seeks to Hire William J. Factor as Legal Counsel CHICAGO SPORTS: Court Extends Cash Collateral Access to Aug. 23 CINEMEX HOLDINGS: Court Denies Bid to Appoint Equity Committee CITIUS PHARMACEUTICALS: Holds 84.3% Equity Stake in Citius Oncology CLAIRE'S HOLDINGS: Back in Chapter 11 Due to Sales Drop, Tariffs CLAIRE'S HOLDINGS: Case Summary & 30 Largest Unsecured Creditors CLAIRE'S HOLDINGS: Closing 700 Stores, All Concessions in U.S. CLAIRE'S HOLDINGS: Files for Bankruptcy in U.S. and Canada CME FITNESS: Andrew Layden Named Subchapter V Trustee COMMSCOPE HOLDING: S&P Places 'CCC+' ICR on CreditWatch Positive CONFLUENCE CORP: Gets Interim OK to Use Cash Collateral CRC INSURANCE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable CREEKSIDE 2019: Claims Will be Paid from Property Sale/Refinance CRICKET VALLEY: Davis Polk Advised Kiwoom in Out-of-Court Exchange DARE BIOSCIENCE: Regains Compliance With Nasdaq Equity Rule DEL MONTE: Dechert Represents Minority Secured Lenders DENOYER-GEPPERT: Matthew Brash Named Subchapter V Trustee DFND SECURITY: Mark Sharf Named Subchapter V Trustee DRIVEHUB AUTO: Gets Final OK to Use Cash Collateral EL CHILITO MEXICAN: Gets Final OK to Use SBA's Cash Collateral ENC PARENT: S&P Alters Outlook to Stable, Affirms 'B-' ICR EVERSTREAM NETWORKS: Court Approves $384.6M Sale to Bluebird Fiber EXELA TECHNOLOGIES: Advised by Latham & Watkins in XBA Acquisition EXELA TECHNOLOGIES: Clearly Gottlieb Represents ETI in Chapter 11 FCI SAND: Deadline for Panel Questionnaires Set for Aug. 11 FREEDOM MORTGAGE: S&P Rates $500MM Senior Unsecured Notes 'B' FTX TRADING: Binance Ex-CEO Wants to Exit from $1.76B Clawback Suit GENESIS HEALTHCARE: U.S. Trustee Appoints Creditors' Committee GREATER LIFE: Case Summary & Six Unsecured Creditors HOWARD MIDSTREAM: S&P Rates New Senior Unsecured Notes 'BB-' HYPERSCALE DATA: To Raise $100M via Pref. Stock Sale to Ault & Co. INNOVATE CORP: S&P Downgrades ICR to 'SD' on Distressed Exchange INTERNATIONAL DIRECTIONAL: U.S. Trustee Unable to Appoint Committee KIMBERLY-CLARK CORP: Court Dismisses 'Forever Chemicals' Class Suit KLARVIO LLC: Seeks Subchapter V Bankruptcy in Texas LBM ACQUISITION: Fitch Alters Outlook on 'B' LongTerm IDR to Neg. LIFESCAN GLOBAL: Davis Polk & Norton Rose Represent Ad Hoc Group LINDBLAD EXPEDITIONS: S&P Raises ICR to 'B' on Strong Performance LOOP MEDIA: $1 Million Agile Loan Accelerated After Payment Default MADDISON REVOCABLE TRUST: Voluntary Chapter 11 Case Summary MADDISON REVOCABLE: Tamara Miles Ogier Named Subchapter V Trustee MARK'S POOL: Unsecureds Will Get 16% of Claims over 5 Years MARSH TOWN: Unsecured Creditors to be Paid in Full over 3 Years MAWSON INFRASTRUCTURE: 2025 Shareholder Meeting Set for Oct. 15 MIDTOWN VENTURE: Court to Hold Cash Collateral Hearing Today MOMENTIVE PERFORMANCE: S&P Raises ICR to 'BB', Outlook Stable NEXUS BUYER: S&P Downgrades ICR to 'B-' on Debt-Funded Dividend NIKOPAT & ASSOCIATES: Unsecureds Will Get 100% over 12 Months PACIFIC RADIO: Seeks Subchapter V Bankruptcy in California PALMAS ATHLETIC: Case Summary & 12 Unsecured Creditors PARK VIEW: Updates Unsecured Claims Details; Files Amended Plan PETSMART LLC: S&P Rates New $2.25BB Senior Secured Notes 'BB-' PHOENIX ROSE: Unsecureds Will Get 1.84% of Claims over 4 Years PLZ CORP: S&P Lowers ICR to 'CCC' on Increased Refinancing Risk POPELINO'S TRANSPORTATION: Unsecureds Will Get 10% over 60 Months PRIME HEALTHCARE: S&P Alters Outlook to Positive, Affirms 'B-' ICR RCM LIVING ASSET: Voluntary Chapter 11 Case Summary RCM LIVING LLC: Voluntary Chapter 11 Case Summary RESHAPE LIFESCIENCES: Key Proposals Passed; Meeting to Resume Today RIVERSIDE EXPRESS: Court Extends Cash Collateral Access to Aug. 21 S & W SALES: Cash Collateral Hearing Set for August 13 SCARFE WHISPERS: Gets Interim OK to Use Cash Collateral SKYLOCK INDUSTRIES: Claims to be Paid from Asset Sale Proceeds STATE OF FLUX: Seeks to Hire Ryan C. Wood as Bankruptcy Counsel SVB FINANCIAL: Ordered to Contest Ch. 11 Claims Amid Standing Fight T-SHACK INC: Claims to be Paid from Rental Income TRAVEL + LEISURE: S&P Rates New $500MM Senior Secured Notes 'BB-' UNIVERSAL BIOCARBON: Unsecured Creditors to Split $182K in Plan UPBOUND GROUP: S&P Rates New $1.1BB Term Loan 'BB-' USA STAFFING: Affiliate Gets Extension to Access Cash Collateral USA STAFFING: Gets Final OK to Use Cash Collateral UST HOLDINGS: S&P Affirms 'BB-' ICR, Outlook Stable VILLAGE ROADSHOW: Plan Exclusivity Period Extended to November 12 VOLTARELLI PROPERTIES: Hires Steven D. Pertuz as Legal Counsel VOYAGER DIGITAL: Former Bank Temporarily Avoids Fraud Lawsuit W.R. GRACE: S&P Assigns 'B-' Rating on Proposed Term Loan B WEABER INC: Seeks Chapter 11 Bankruptcy in Pennsylvania WELLMADE FLOOR: Case Summary & 30 Largest Unsecured Creditors [] Commercial Chapter 11 Filing Rose 78% in July 2025 [] Garnet Capital Closes $35M Bankruptcy Loan Portfolio Sale [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1993 GREEN: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: 1993 Green Valley Road, LLC 1310 Alma Avenue #413 Walnut Creek, CA 94596 Business Description: 1993 Green Valley Road, LLC is a single- asset real estate entity that owns the property at 1993 Green Valley Road in Alamo, California, valued at $3.25 million. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-41404 Debtor's Counsel: Ruth Auerbach, Esq. RUTH AUERBACH 236 West Portal Ave., Suite 185 San Francisco, CA 94127 Tel: (415) 722-5596 E-mail: ruth.auerbach.esq@gmail.com Total Assets: $3,250,000 Total Liabilities: $2,600,000 The petition was signed by Robert L. Telles, Jr., as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GO5V2SI/Susan_1993_Green_Valley_Road_LLC__canbke-25-41404__0001.0.pdf?mcid=tGE4TAMA 23ANDME HOLDING: Files Corrected Notice of Equity Panel Appointment ------------------------------------------------------------------- Jerry Jensen, Acting U.S. Trustee for Region 13, filed a notice of appointment of 23andMe Holding Co.'s official committee of equity holders with corrected member names: 1. Alexander Keoleian 2. Charles Viscito 3. Esopus Creek Value Series Fund LP -Series 'A' Attn: Andrew Sole Esopus Creek Advisors, LLC 81 Newtown Lane, #307 East Hampton, NY 11937 (631) 604-5776 4. Farallon Capital Management, LLC Attn: Sophia Jia One Maritime Plaza, Suite 2100 San Francisco, CA 94111 (415) 421-2132 5. Jonathan Shiff 6. Kevin Barnes 7. Milestone Vimba Fund, L.P. Attn: Patrick Conlin 3131 Campus Drive Suite 100 Plymouth, MN 55441 (212) 209-4959 About 23andMe 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 3000 EMBER DRIVE: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: 3000 Ember Drive CV2021 LLC 8 Bond Street, Suite 100 Great Neck, NY 11021 Business Description: 3000 Ember Drive CV2021 LLC is a single- asset real estate company whose principal property is located at 3000 Ember Drive, Decatur, GA 30034, and consists of 276 residential units. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72989 Judge: Hon. Alan S. Trust Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike, Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: hberger@bfslawfirm.com Total Assets: $0 Total Liabilities: $31,905,244 The petition was signed by Matthew R. Florio as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GSE4JIA/3000_Ember_Drive_CV2021_LLC__nyebke-25-72989__0001.0.pdf?mcid=tGE4TAMA 875 CONLEY CV22: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: 875 Conley CV22 LLC 8 Bond Street, Suite 100 Great Neck, NY 11021 Business Description: 875 Conley CV22 LLC is a single-asset real estate entity whose principal property is located at 875 Conley Road SE, Atlanta, GA 30354, and comprises 56 residential units. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72983 Judge: Hon. Louis A Scarcella Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: hberger@bfslawfirm.com Total Assets: $0 Total Liabilities: $7,350,000 Matthew R. Florio signed the petition as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C3GTU3Q/875_Conley_CV22_LLC__nyebke-25-72983__0001.0.pdf?mcid=tGE4TAMA 925 CONLEY CV22 PLEDGOR: Case Summary & One Unsecured Creditor -------------------------------------------------------------- Debtor: 925 Conley CV22 Pledgor LLC 8 Bond Street, Suite 100 Great Neck, NY 11021 Business Description: 925 Conley CV22 Pledgor LLC is a real estate lessor whose principal asset is located at 925 Conley Road SE, Atlanta, GA 30354. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72985 Judge: Hon. Alan S Trust Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 Email: hberger@bfslawfirm.com Total Assets: $0 Total Liabilities: $12,975,000 The petition was signed by Matthew R. Florio as manager. CAF Bridge Borrower AX, LLC c/o CoreVest American Finance Lender LLC, located at 4 Park Plaza #900, Irvine, CA 92614, was listed as the Debtor's sole unsecured creditor with a $12.98 million claim. The creditor is a guarantor or pledgor of a mortgage secured by the real property at 925 Conley Road SE, Atlanta, GA 30354, consisting of 96 residential units. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AK7LXIQ/925_Conley_CV22_Pledgor_LLC__nyebke-25-72985__0001.0.pdf?mcid=tGE4TAMA 925 CONLEY CV22: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: 925 Conley CV22 LLC 8 Bond Street, Suite 100 Great Neck, NY 11021 Business Description: 925 Conley CV22 LLC is a single-asset real estate entity whose principal property is located at 925 Conley Road SE, Atlanta, GA 30354, and comprises 96 residential units. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72984 Judge: Hon. Louis A Scarcella Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike Suite 250 Syosset, NY 11791 Tel: 516-747-1136 E-mail: hberger@bfslawfirm.com Total Assets: $0 Total Liabilities: $13,099,026 The petition was signed by Matthew R. Flori as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DROAZ5A/925_Conley_CV22_LLC__nyebke-25-72984__0001.0.pdf?mcid=tGE4TAMA A.I. BUILDERS: Court OKs Equipment Sale at Auction -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, has approved A.I. Builders LLC to sell personal property, free and clear of liens, claims, and encumbrances. The Debtor owns the following Properties: -- 2 Skyjack 3219 Scissor lifts -- Lull 644 Telehandler -- Homesteader enclosed trailer VIN 5HABE0811MN100547 -- Miscellaneous small hand and power tools The Debtor believes the value of the Property to be at least $33,000.00 and believes that the highest value that the estate will receive from the sale of the Property is through public auction. The Court has authorized the Debtor to sell the Property at auction. The Court ordered that the sale shall be conducted at the following date and time: August 8, 2025 at 10:00 a.m. Country Boys Auction Warehouse 1211 W. 5th St. Washington, NC 27889 All net proceeds from the sale shall be deposited into the Debtor's counsel's IOLTA Trust Account to hold for distribution pursuant to the Debtor's Liquidating Plan or as otherwise directed by the Court through subsequent order. About A.I. Builders LLC A.I. Builders, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02368) on June 23, 2025, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor tapped Bradford Law Offices as counsel. ACTION IMPORTS: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Action Imports, LP. The committee members are: 1. LaserGifts Group, LLC 3250 Tower Rd. Prescott, AZ 86305 Representative: Matthew Parsons matt@camplakecapital.com 2. Bucket Wonders LLC 1145 S. 1680 W. Orem UT 77840 Representative: Bonnie Gunderson bonnie@buckerwonders.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Action Imports LP Action Imports, LP is a wholesale distributor based in Grand Prairie, Texas, offering a broad range of products including candy, toys, electronics, purses, and collectibles. It serves retail clients across the United States and provides various merchandising solutions such as countertop displays, shippers, and gondolas. Action Imports sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42025) on June 2, 2025. In its petition, the Debtor reported assets and liabilities between $1 million and $10 million. Judge Mark X. Mullin handles the case. The Debtor is represented by Craig D. Davis, Esq., at Davis, Ermis & Roberts, PC. ADC AND T: Gets Interim OK to Use Cash Collateral Until Aug. 21 --------------------------------------------------------------- ADC and T, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral. The court's interim order authorized the Debtor to use cash collateral to pay its operating expenses pending the final hearing on August 21. The secured lenders that may have pre-bankruptcy liens on substantially all of the Debtor's assets including cash and accounts are the U.S. Small Business Administration, Hancock Whitney Bank, Lease Finance Partners, Inc., First Citizens Bank & Trust Company, and Canon Financial Services, Inc. As adequate protection for the diminution in value of their interests, the secured lenders will be granted replacement liens and security interests co-extensive with their pre-bankruptcy liens. These replacement liens are automatically perfected. In addition, the Debtor was ordered to keep the secured lenders' collateral insured, pay taxes, and report monthly income to lenders as further protection. The bankruptcy court set an August 14 deadline for filing objections to further use of cash collateral. First Citizens Bank, as secured lender, is represented by: Evan A. Moeller, Esq. Emory C. Powers, Esq. 1221 McKinney, Suite 4400 Houston, TX 77010 Phone: 713-652-5151 Fax: 713-652-5152 evan.moeller@arlaw.com emory.powers@arlaw.com About ADC and T LLC ADC and T LLC, doing business as BIG Game, provides transportation and logistics services, including hauling operations involving trucks, trailers, and heavy equipment. The Company operates in Texas and serves sectors such as construction, aggregates, or oilfield services. ADC and T LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32569) on July 9, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by: Joyce W. Lindauer Joyce W. Lindauer Attorney, PLLC Tel: 972-503-4033 Email: joyce@joycelindauer.com AGEMY FAMILY: Seeks to Extend Plan Exclusivity to August 30 ----------------------------------------------------------- Agemy Family Corporation d/b/a Quality Plus Dry Cleaners, asked the U.S. Bankruptcy Court for the Middle District of Florida to extend its exclusivity period to file a plan of reorganization to August 30, 2025. On June 2, the Debtor filed a Motion to Extend Exclusivity Period to File Plan of Reorganization. On June 13, this Court entered an Order Granting Debtor's Motion to Extend Exclusivity Period to File Plan of Reorganization which extended the time to August 1. Over the past month, Debtor's counsel has been undergoing health treatments, will continue to receive treatments for several weeks and has been largely unavailable to assist the Debtor in formulating a Plan. As a result, Debtor's counsel has communicated with James Elliott, Esq., to assist him and the Debtor while he is undergoing treatment. Accordingly, the Debtor seeks an additional 30 days to allow Mr. Elliott to familiarize himself with the case and to assist the undersigned to formulate a Plan of Reorganization and Disclosure Statement. About Agemy Family Corporation Agemy Family Corporation operating as Quality Plus Dry Cleaners, offers professional dry cleaning, laundry services, and clothing alterations. They provide same-day service, along with convenient pickup and delivery options. Agemy Family Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00814) on February 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by: David W. Steen, Esq. DAVID W. STEEN, P.A. P.O. Box 270394 Tampa, FL 33688 Tel: 813-251-3000 E-mail: dwsteen@dsteenpa.com ALL AMERICAN: To Sell 2003 Ferrari to Mercedes Benz for $75K ------------------------------------------------------------ All American Holdings LLC and its affiliates, Alfred O. Bonati, Gulf Coast Orthopedic Center Corp., and Gulfview Aviation, seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Ferrari Vehicle, free and clear of liens, claims, and encumbrances. Dr. Bonati owns a number of classic automobiles, one of which is the 2003 Ferrari VIN # ZFFYT53A630133587. Dr. Bonati has received an offer from Mercedes Benz of Clearwater to purchase the 2003 Ferrari as is with all faults. The 2003 Ferrari is encumbered by a lien held by Kathy B. Scott. The Debtors propose to sell the 2003 Ferrari for $75,000 and to transfer $60,000 to the Trust account of Scott's counsel Furr and Cohen, P.A., Scott will release her lien on such vehicle The balance of the sale price shall be deposited in a separate Debtor in Possession account or Stichter Riedel trust account and shall be used by the Debtors to pay insurance premiums on the remaining automobiles. Scott has consented to this expedited motion to sell the 2003 Ferrari free and clear of all liens and encumbrances, and agrees to the entry of an order granting the same. About All American Holdings LLC All American Holdings LLC is a limited liability company. All American Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Harry E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. ALL IN PROFITS: Todd Hennings Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for All In Profits, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About All In Profits All In Profits, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58667) on August 1, 2025. AMERI-DENT DENTAL: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Ameri-Dent Dental Laboratory, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. At the hearing held on July 29, the court approved the Debtor's continued use of cash collateral pending a further hearing on September 30. The court's two previous interim orders authorized the Debtor to utilize cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; the expenses set forth in the budget; and additional amounts subject to approval by secured creditors. The interim orders granted Kapitus Servicing, Inc. and other secured creditors a perfected post-petition lien on the cash collateral and approved the monthly payments of $500 to Kapitus. Kapitus, as secured creditor, is represented by: J. Ryan Yant, Esq. Carlton Fields, P.A. P.O. Box 3239 Tampa, FL 33601-3239 (813) 223-7000 ryant@carltonfields.com About Ameri-Dent Dental Laboratory Ameri-Dent Dental Laboratory, LLC is a dental laboratory likely specializing in the manufacturing of dental prosthetics, appliances, and customized dental products. Ameri-Dent Dental Laboratory sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02876) on May 2, 2025. In its petition, the Debtor reported between $10,000 and $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Catherine Peek McEwen handles the case. James W. Elliott, Esq., at Mcintyre Thanasides Bringgold, Elliott Grimaldi Guito, PA is the Debtor's legal counsel. ANNALEE DOLLS: Court Extends Cash Collateral Access to Aug. 31 -------------------------------------------------------------- Annalee Dolls, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of New Hampshire to use cash collateral. The interim order penned by Judge Kimberly Bacher extended the Debtor's authority to use cash collateral from July 31 to August 31 and authorized the Debtor to use up to $210,753.90 in cash collateral to pay the expenses set forth in its budget. The Debtor projects total operational expenses of $210,753.90 for August. As protection for Customers Bank and other lienholders, the Debtor was ordered to maintain insurance policies, naming lienholders as mortgagees or loss payees. The Debtor was also ordered to grant the lienholders replacement liens, with the same priority, validity and enforceability as their pre-bankruptcy liens. In addition, Customers Bank must receive $36,949.97 by August 15 as further protection. The next hearing is scheduled for August 27. Objections are due by August 25. A copy of the interim order is available at https://is.gd/IdsnRt About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com APOGEE BREWING: Case Summary & Nine Unsecured Creditors ------------------------------------------------------- Debtor: Apogee Brewing, Limited Liability Company True Anomaly Brewing 2012 Dallas St Houston TX 77003 Business Description: Apogee Brewing LLC, doing business as True Anomaly Brewing, operates a craft brewery and taproom in Houston, Texas. The Company produces a variety of beers and specializes in small-batch and barrel-aged offerings. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-34497 Debtor's Counsel: Stacey Barnes, Esq. KEARNEY, MCWILLIAMS & DAVIS, PLLC 55 Waugh #150 Houston TX 77007 Tel: 832-916-2750 E-mail: sbarnes@kmd.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Duckworth as manager. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7BIJP4A/Apogee_Brewing_Limited_Liability__txsbke-25-34497__0001.0.pdf?mcid=tGE4TAMA APPLIED DNA: Registers 200K More Shares for 2020 Equity Plan ------------------------------------------------------------ Applied DNA Sciences, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission relating to the registration of an additional 200,000 shares of common stock, $0.001 par value per share, for future issuance pursuant to awards under the 2020 Equity Incentive Plan of Applied DNA Sciences, Inc. Such additional shares being registered are of the same class as other securities of the Company for which a Registration Statement on Form S-8 relating to the same employee benefit plan is effective. In accordance with General Instruction E to Form S-8, the contents of the Company's previous Registration Statements on Form S-8 related to the 2020 Plan (Commission File Nos. 333-249365 and 333-282414), filed on October 7, 2020 and September 30, 2024, respectively, with the U.S. Securities and Exchange Commission are incorporated by reference and made part of the Registration Statement, except as amended or otherwise modified or superseded hereby. Effective as of May 22, 2025, the date of the approval by the Company's stockholders of the amendment of the 2020 Plan, the total number of shares of Common Stock that may be issued under the 2020 Plan has been increased to 200,500 shares of Common Stock from 500 shares of Common Stock. The total number of shares of Common Stock issuable under the 2020 Plan gives effect to the reverse stock split of the Company's outstanding common stock at a ratio of one-for-fifteen shares, which became effective as of 12:01 a.m. Eastern Time on June 2, 2025. The Company may be reached through: Judith Murrah Chief Executive Officer Applied DNA Sciences, Inc. 50 Health Sciences Drive Stony Brook, New York 11790 Telephone: (631) 240-8800 A full-text copy of the Registration Statement is available at: https://tinyurl.com/y5tbapkr About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. AT HOME GROUP: Recovery for Unsecureds Still to Be Determined ------------------------------------------------------------- At Home Group Inc. and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement relating to the Joint Plan of Reorganization dated July 29, 2025. At Home is a home décor and furnishings brand that offers its customers a broad assortment of everyday and seasonal products for any room in the home. At Home's merchandise is sold to its millions of customers through its approximately 260 large format retail locations across 40 states and the Company's e-commerce website. In the months leading up to the Petition Date, the Company engaged in good faith arm's-length negotiations that included extensive diligence and meetings with the Ad Hoc Group. As a result of those negotiations, on June 16, 2025, the Debtors entered into an RSA with the Ad Hoc Group and other lenders and noteholders that collectively hold approximately 96% of the Company's first lien debt, pursuant to which the Debtors are effectuating the Restructuring Transactions through "prearranged" Chapter 11 Cases. The key terms of the RSA, which are incorporated into the Plan, include: * the Debtors' entry into financing arrangements to provide funding throughout the duration of these Chapter 11 Cases in the form of (a) a priming superpriority senior secured debtor-in possession financing multi-draw term loan (the "DIP Facility") comprised of a $200 million new money commitment and a $400 million roll-up of the Pari First Lien Obligations (as defined in the DIP Orders) and (b) the consensual use of cash collateral; * the conversion of Allowed Superpriority DIP Claims into 98% of the Reorganized Common Stock upon emergence from the Chapter 11 Cases subject to dilution by the MIP Shares; * each Holder of an ABL Facility Claim receiving payment in full; * each Holder of an Allowed Secured Claim arising out of its Allowed First Lien Claim receiving its Pro Rata Share of the First Lien Equity Distribution comprised of all remaining Reorganized Common Stock after giving effect to the DIP Equity Conversion (subject to dilution by the MIP Shares); * each Holder of an Allowed General Unsecured Claim receiving its pro rata share of $[●]; * the cancellation of Existing Equity Interests; * funding for plan distributions in the form of a new, exit asset-based loan facility to be entered into by the Reorganized Debtors on the Effective Date; and * the adoption of the Management Incentive Plan by the New Board within 90 days of the Effective Date, which will provide up to 10% of the Reorganized Equity for management and the New Board. The RSA provides for repayment of each Allowed Superiority DIP Claim in full with Reorganized Equity in the amount of its pro rata share of the DIP Equity Conversion (subject to dilution on account of the MIP Shares). All remaining Reorganized Equity after giving effect to the DIP Equity Conversion, shall be valued at the midpoint provided in the Valuation Analysis, distributed pro rata to holders of Allowed First Lien Claims on account of their Allowed Secured Claims in respect thereof, and was used to calculate the projected recoveries with respect to the Allowed Secured Claims arising out of the Allowed First Lien Claims.6 As discussed further in Article III.B of Plan, Holders of an Allowed First Lien Claim, shall have a First Lien Deficiency Claim for the amount remaining after accounting for the recovery on account of the Allowed Secured Claim arising out of their Allowed First Lien Claim. Class 9 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment of its Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of each Allowed General Unsecured Claim, on the Effective Date, each Holder of any Allowed General Unsecured Claim shall receive its Pro Rata Share of $[●]; provided that the recovery under the Plan of such Holder of an Allowed General Unsecured Claim that is also an Intercompany Note Claim shall be payable to the indenture trustee and collateral agent for the Cayman Notes for distribution to the Holders of the Allowed Cayman Notes Claims in accordance with the documents governing the Cayman Notes only until such Cayman Notes are repaid in full. The allowed unsecured claims total $1,375,000,000.00. The Disclosure Statement still has blanks as to the estimated allowed amount and percentage recovery for holders of unsecured claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) the Debtors' Cash on hand as of the Effective Date; (2) the proceeds of the Exit ABL Facility; and (3) the Reorganized Equity. Each distribution and issuance referred to in the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. A full-text copy of the Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=xCDzri from Omni Agent Solutions, Inc. Co-Counsel for the Debtors: Joseph M. Mulvihill, Esq. Robert S. Brady, Esq. Edwin J. Harron, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com rbrady@ycst.com eharron@ycst.com Co-Counsel for the Debtors: Nicole L. Greenblatt, P.C. Matthew C. Fagen, P.C. Elizabeth H. Jones, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: nicole.greenblatt@kirkland.com matthew.fagen@kirkland.com elizabeth.jones@kirkland.com About At Home Group Inc. At Home Group Inc. is a home decor and furnishings retailer offering a wide range of everyday and seasonal products for all areas of the home. The Company operates 260 large-format stores across 40 U.S. states and an e-commerce platform. Headquartered in Coppell, Texas, At Home was founded in 1979 and employs 7,170 people. On June 16, 2025, At Home announced it entered a Restructuring Support Agreement (RSA) with certain of its lenders, which will eliminate substantially all of its long-term debt and provide the Company with new financial resources to support the business and position At Home for future success. To implement the terms of the RSA, At Home and 41 of its subsidiaries have commenced voluntary Chapter 11 proceedings in Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings are pending before Judge J. Kate Stickles. In connection with this process, At Home is entering into an agreement for $600 million in debtor-in-possession financing, which includes a $200 million capital infusion from certain of its existing lenders and a "roll up" of $400 million of existing senior secured debt. The Debtors tapped Kirkland & Ellis LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring counsel; AlixPartners LLP as financial advisor; and PJT Partners, Inc., as investment banker. Omni Agent Solutions, Inc., is the claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AUXILIARY OPERATIONS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The U.S. Trustee for Region 10 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Auxiliary Operations Resource, Inc. About Auxiliary Operations Resource Inc. Auxiliary Operations Resource Inc., also known as Aux-Ops, is a warehousing and logistics services provider based in Plainfield, Indiana. It operates in the transportation and warehousing industry, primarily providing general warehousing and storage services as indicated by its NAICS code 493110. The company has multiple facilities in Indiana and works with various staffing agencies to support its operations. Auxiliary Operations Resource sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03727) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge James M. Carr handles the case. The Debtor is represented by Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC. AVANT GARDNER: Seeks Ch.11 After Venue Failed to Open 2025 Season ----------------------------------------------------------------- Renee Anderson of CBS News reports that Avant Gardner, the company behind Brooklyn's popular outdoor venue Brooklyn Mirage, filed for Chapter 11 bankruptcy on Monday, following months of financial strain and the venue's failure to launch its 2025 season. While the outdoor Mirage space remains closed, Avant Gardner announced that its two indoor venues—the Great Hall and the Kings Hall -- will continue operations throughout the Chapter 11 process, according to the report. "The decision to file for Chapter 11 relief follows several months of financial distress, culminating with Avant Gardner being unable to open its newly constructed Mirage event space for the 2025 season," the company said in a statement posted to Instagram. It added that many Mirage events will be moved to the Great Hall or relocated for the rest of the year. Brooklyn Mirage was slated to reopen on May 1, 2025 with a performance by DJ Sara Landry, but the event was abruptly canceled just hours before showtime due to a missed inspection deadline. Ticket holders were promised full refunds, according to CBS News. At the time, Avant Gardner stated: "The venue is show-ready and the New Mirage has been built to exacting safety, structural, mechanical, and technical specifications. However, we were not able to meet the final inspection deadline today." Despite appointing a new CEO after the setback, the outdoor venue never resumed operations, the report states. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. AVENTURA ECO-OFFICES: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Aventura Eco-Offices Property Owner, LLC 175 Fountainbleau Boulevard Suite 2G1A Miami, FL 33172 Business Description: Aventura Eco-Offices Property Owner LLC is a real estate development company focused on commercial medical office projects. It owns a 1.63-acre parcel in the Aventura Medical District in Miami, Florida, where it planned a seven-story, LEED Gold–certified medical office building. The Company operates in the South Florida real estate market. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-18999 Judge: Hon. Robert A. Mark Debtor's Counsel: Celi S. Aguilar, Esq. CSA LAW FIRM 1200 Brickell Avenue, Suite 800 Miami, FL 33131 Tel: (786) 489-3650 E-mail: aguilar@thecsalawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marlon S. Gomez as managing member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S6RBGSY/Aventura_Eco-Offices_Property__flsbke-25-18999__0001.0.pdf?mcid=tGE4TAMA AXIOM REAL-TIME: SSG Served as Investment Banker in Asset Sale -------------------------------------------------------------- SSG Capital Advisors, LLC served as the investment banker to Axiom Real-Time Metrics Inc. in the sale of substantially all assets to Sitero Canada Inc. The sale was effectuated through a Court-supervised Receivership Proceeding in the Ontario Superior Court of Justice. The transaction closed in July 2025. Founded in 2001 and headquartered in the Canadian province of Ontario, Axiom has delivered powerful, cost-effective eClinical solutions to small and medium-sized life science companies worldwide. Axiom's Fusion eClinical Suite, a unified platform with 15+ integrated modules, including EDC, RTSM, CTMS, ePRO, eTMF, and more, serves as the central hub for clinical trial operations. Alongside its technology, Axiom provides full-service clinical support, including data management, biostatistics, pharmacovigilance, and regulatory compliance. Despite a strong operating history and differentiated service offering, Axiom faced macroeconomic pressures, including a decline in new clinical trials across the life sciences sector. In response, the Company implemented several initiatives to streamline operations and preserve liquidity in the face of a changing operating environment. In late 2024, SSG was engaged to advise Axiom through this period of strategic and financial transition. SSG worked closely with management and stakeholders to pursue a range of options, including potential sale and financing solutions. As market conditions evolved and liquidity pressures intensified, SSG executed a highly expedited sale process under a Canadian Receivership framework. Leveraging its deep expertise in life sciences, technology, and special situations, SSG generated significant market engagement and secured multiple indications of interest for the Company. The transaction with Sitero preserves Axiom's technology platform, ensures continuity for its client base, and maximizes value for stakeholders. The outcome reflects SSG's ability to deliver cross-border strategic solutions under complex and time-sensitive circumstances. Sitero is a global clinical research partner with clinical, regulatory and safety service lines supporting life sciences and institutional research organizations in bringing treatments to market. Other professionals who worked on the transaction include: * Bobby Kofman, Jason Knight and Tony Trifunovic of KSV Restructuring Inc., financial advisor to Axiom's senior secured creditor and Receiver of the assets, undertakings and properties of Axiom Real-Time Metrics Inc.; * Jeffrey Levine and Wal Rostom of McMillan LLP, counsel to Axiom Real-Time Metrics Inc.; * Jennifer Stam, Lauren Archibald and Sophie Webb of Norton Rose Fulbright Canada LLP, counsel to Axiom's senior secured creditor; * George Benchetrit and David Im of Chaitons LLP, counsel to KSV Restructuring Inc.; and * Stuart Brotman of Fasken Martineau DuMoulin LLP, counsel to Sitero Canada Inc. BASIC WHOLESALE: Taps Thornbladh Legal Group as Bankruptcy Counsel ------------------------------------------------------------------ Basic Wholesale Floral Distributors, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire the law firm of Thornbladh Legal Group PLLC to handle the bankruptcy proceedings. The members of the firm will be compensated at these rates: Kurt Thornbladh, J.D. $350 per hour Jennifer Meyer J.D. $250 per hour Iman Bazzi Paralegal $100 per hour As disclosed in the court filings, Thornbladh Legal Group is a "disinterested person" within the meaning of the term as used in 11 USC Sec. 327(a) and as defined at 11 USC Sec. 101(14). The firm can be reached through: Kurt Thornbladh, Esq. Thornbladh Legal Group PLLC 7301 Schaefer Road Dearborn MI 48126-4195 Telephone: (313) 943 2678 Facsimile: (313) 447 2771 Email: kthornbladh@gmail.com About Basic Wholesale Floral Basic Wholesale Floral Distributors, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-46352) on June 22, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Mark A. Randon presides over the case. Kurt Thornbladh, Esq., at Thornbladh Legal Group, PLLC represents the Debtor as bankruptcy counsel. BEDFORD CAPITAL: Salvatore LaMonica Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Bedford Capital Lofts, LLC. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Bedford Capital Lofts LLC Bedford Capital Lofts, LLC is a Brooklyn-based single asset real estate investment company that operates as an investment vehicle with its principal business address at 1266 36th Street in Brooklyn and its principal assets located at 2347 Bedford Avenue. Bedford Capital Lofts sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43691) on July 31, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. BHOWMICK LIQUOR: Joli Lofstedt Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Bhowmick Liquor, Inc. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Bhowmick Liquor Bhowmick Liquor Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14811) on July 31, 2025, with $500,001 to $1 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. BOKQUA LLC: Seeks Chapter 11 Bankruptcy in Colorado --------------------------------------------------- On July 31, 2025, Bokqua LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BRANDFOX LLC: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Brandfox, LLC. About Brandfox LLC Brandfox LLC provides third-party logistics and warehousing services, including eCommerce and retail fulfillment, subscription box fulfillment, kitting and assembly, reverse logistics, and freight management. It serves business-to-business and direct-to-consumer clients. Brandfox LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06520) on July 17, 2025. In its petition, the Debtor reported total assets of $2,074,579 and total liabilities of $5,075,243. Honorable Bankruptcy Judge Eddward P. Ballinger Jr. handles the case. The Debtor's bankruptcy counsel is The Fox Law Corporation. The Debtor's local counsel is Joseph G. Urtuzuastegui III, Esq., at The Real Estate Investors Law Firm, LLC. BRIGGS BROTHERS: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: Briggs Brothers Enterprises Corporation 1725 Port Street New Orleans, LA 70117 Business Description: Briggs Brothers Enterprises Corp. is a licensed general contractor based in New Orleans, Louisiana. The Company provides construction services for highway, street, bridge, and municipal public works projects, and has performed work under federal contracts across multiple states. It is certified as an SBA 8(a) and HUBZone small business. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-11674 Judge: Hon. Meredith S. Grabill Debtor's Counsel: Derek Russ, Esq. DEREK T. RUSS 700 Camp Street New Orleans, LA 70130 Tel: (504) 522-1717 Email: russlawfirmllc@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Terry Briggs as president. A copy of the Debtor's list of three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7T6MYHQ/Briggs_Brothers_Enterprises_Corporation__laebke-25-11674__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7UNOEMA/Briggs_Brothers_Enterprises_Corporation__laebke-25-11674__0001.0.pdf?mcid=tGE4TAMA BRIGHT HORIZON: S&P Rates New $450MM First-Lien Term Loan 'BB+' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '2' recovery rating to Bright Horizon Family Solutions LLC's proposed $450 million first-lien term loan B maturing in 2032. The '2' recovery rating indicates its expectation for substantial recovery (70%-90%; rounded estimate: 80%) recovery in the event of a default. The company is issuing the proposed term loan to refinance its existing $600 million term loan B, which had $500 million outstanding as of June 30, 2025. The company also plans to use proceeds from its $900 million revolving credit facility to repay the remaining loan amount. S&P said, "Our 'BB' issuer credit rating and stable outlook on Bright Horizons are also unchanged, which reflects our expectation that Bright Horizons will continue to increase revenue, generate solid EBITDA, and decrease S&P Global Ratings-adjusted leverage to the mid- to high-2x area in the next 12 months." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario contemplates a default occurring in 2030 stemming from a deterioration in the company's operating performance because of lower day care center utilization rates due to very high unemployment, corporate downsizing, and reduced employer subsidies. -- S&P said, "Our simulated default scenario assumes Bright Horizons reorganizes as a going concern to maximize its lenders' recovery prospects. We anticipate the company would reorganize based on its good market position and brand recognition, strong relationships with its many corporate sponsors, and high level of accredited child care centers. We also expect continued demand for quality, convenient, on-site daycare solutions." -- S&P said, "We used an enterprise valuation approach to assess recovery prospects and have applied a 6x multiple to our assumed emergence level EBITDA. The multiple is at the higher end of the 5.0x-6.5x range for business and consumer companies. The 6.0x multiple is higher than the 5.5x multiple we use for peers Kindercare Learning Cos. Inc., which reflects Bright Horizons' stronger competitive position in the employer-sponsored child care market." -- S&P's assumption also considers that $765 million of borrowings will be outstanding under its revolving credit facility by the time the company defaults, which reflects an 85% utilization of the $900 million commitment. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: About $175 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value after 5% administrative costs: About $1 billion -- Secured first-lien debt claims: About $1.2 billion --Recovery expectations: 70%-90% (rounded estimate: 80%) Note: Debt claim amounts include six months of prepetition interest. BRIGHTLINE TRAINS: Fitch Lowers Rating on $2.2BB Bonds to 'B' ------------------------------------------------------------- Fitch Ratings has downgraded Brightline Trains Florida LLC's (OpCo) $2.219 billion senior secured private activity bonds (PABs) to 'B' from 'BB+' and placed them on Rating Watch Negative (RWN). Fitch has also maintained Brightline East LLC's $1.119 billion senior secured taxable notes rated 'CCC+' on RWN. RATING RATIONALE Fitch has downgraded OpCo's debt to 'B' to reflect its weakened financial profile, with ridership and revenue ramp-up continuing to lag despite the addition of new train cars to alleviate reported capacity constraints. There remains a high degree of uncertainty that increases to capacity will be met with demand that can drive both higher ridership and fare revenues. The mounting liquidity pressures and uncertainty over the ramp-up trajectory outweigh the transaction's mitigants to slower ramp-up, which had included a 10-year interest-only period and substantial reserve accounts that Fitch previously viewed as strengths to the structure. The downgrade of OpCo debt is driven by the continuation of operating cashflow losses that result in faster than expected rapid depletion of liquidity accounts, leaving very limited protection before all funds are exhausted. The pace of liquidity erosion has not slowed, with unrestricted cash reserves and ramp-up reserves being significantly drawn down to cover ongoing operating deficits and unanticipated expenses. Management is pursuing several action plans to enhance reserves available for operations and debt repayment protection through additional debt borrowings or third-party equity funding. These actions cannot be assessed for their beneficial protections to liquidity balances and the overall capital structure across multiple Brightline corporate entities with outstanding debt until these arrangements are effectuated. However, the current profile of revenues and costs indicate that the project is failing to achieve breakeven operations with consistency, and therefore, there is a heightened risk that all available liquidity will be depleted in the near term. The distinction in the debt ratings stems from the BLE's subordinated cash flow rights, narrower coverage margins, and higher refinancing risk. The BLE's rating reflects the increased likelihood of cash being trapped at the OpCo level, which limits available funds for distributions to service BLE debt. While BLE debt service is currently supported by pre-funded interest and ramp-up reserves through 2026, Fitch's rating case shows that, absent a material improvement in operating performance, these protections will be exhausted, resulting in a heightened risk of default once the pre-funded period ends. The BLE debt is thus exposed to a greater likelihood of non-payment, given its position in the cashflow waterfall and the persistent underperformance of the project. For an overview of the credit profiles of Brightline Trains Florida, LLC and Brightline East, LLC. ESG - Financial Transparency: A lack of detailed financial information has restricted Fitch's ability to fully track cash movements, compounding concerns around liquidity management and increasing uncertainty regarding the project's financial position. Failure to provide sufficient information may lead Fitch to withdraw the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A continuation of monthly operational cash flow losses absent implementation of liquidity enhancements by management to offset these losses; -Failure by management to provide additional liquidity at the OpCo level, leading to an inability to meet its near-term operational and debt service obligations; - Management's failure to provide additional information in the coming weeks on cash movements and insufficient information to assess Brightline's near-term liquidity position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Rating Watch Negatives could be removed and the Outlooks returned to Stable if management successfully executes plans to provide additional liquidity at the OpCo level. This would reduce risks related to meeting upcoming operational cash outflows and debt service requirements. - An upgrade of OpCo and BLE ratings is unlikely until the company addresses its short-term refinancing needs and liquidity concerns. SECURITY Senior Debt: Security for the private activity bonds (PABs) consists of all funds deposited from time to time in project accounts and a first lien on all collateral, which will include substantially all assets of the borrower including (a) the borrower's mortgaged real property interests, (b) substantially all personal property of the borrower, including rolling stock, project revenues and project accounts and (c) a pledge of the membership interests in the borrower by its direct parent. BLE Debt: Security for the notes consists of a pledge of the membership interests in BLTF Holdings LLC, the direct owner of the project owner and all other assets of BLE, including substantially all personal property of BLE and reserve accounts once funded from distributions received from the project owner. ESG Considerations Brightline Trains Florida LLC has an ESG Relevance Score of '5' for Financial Transparency due to insufficient information on cash movements of the project reserve accounts, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Brightline Trains Florida LLC Brightline Trains Florida LLC/Senior Secured Notes/1 LT LT B Downgrade BB+ Brightline East LLC Brightline East LLC/Senior Secured Notes/1 LT LT CCC+ Rating Watch Maintained CCC+ BWY TRANSPORT: Court OKs Interim Use of Cash Collateral ------------------------------------------------------- BWY Transport, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral pursuant to its budget pending the final hearing scheduled for August 14. This authorization is retroactive to July 10 based on the court's earlier oral ruling on that date. As adequate protection for any diminution in the value of its collateral, the U.S. Small Business Administration will be granted replacement liens on the same collateral, with the same validity, priority and extent as its pre-bankruptcy liens. In addition, SBA will continue to receive a monthly payment of $731 as further protection. The court's interim order also granted the Debtor's request to continue operating under the Independent Sales Agent Agreement, allowing the Debtor to continue to utilize the services of Greatwide American Trans-Freight, LLC. The court did not grant any additional liens in favor of Greatwide. In addition, the Debtor was authorized to escrow funds for payments due to Greatwide for amounts due on pre-bankruptcy promissory notes pending confirmation of its Chapter 11 plan of reorganization. The amount of distribution provided to Greatwide, however, will be determined by the percentage distribution specified in a confirmed plan. The Debtor is not allowed to make distributions out of said funds to Greatwide until confirmation of the plan. The court set an August 12 deadline for filing objections to further use of cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LOsC2 from PacerMonitor.com. About BWY Transport BWY Transport sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11697) on June 30, 2025, listing up to $50,000 in estimated assets and up to $10 million in estimated liabilities. Judge Nicholas W. Whittenburg handles the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law serves as the Debtor's bankruptcy counsel. CHICAGO SMILES: Seeks to Hire William J. Factor as Legal Counsel ---------------------------------------------------------------- Chicago Smiles, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire The Law Office of William J. Factor, Ltd. as its bankruptcy counsel. The firm's services include: a. advising and consulting with the Debtor with respect to its powers, rights, and duties as a debtor and debtor-in-possession; b. attending meetings and negotiating with creditors, other parties in interest, and their respective representatives; c. advising and consulting with the Debtor on the conduct of the case, including all the legal and administrative requirements of operating under chapter 11 of the Bankruptcy Code; d. taking all necessary action to protect and preserve the Estate, including but not limited to prosecuting or defending all motions and proceedings on behalf of the Debtor and the Estate; e. preparing and filing, or defending, adversary proceedings or other litigation involving the Debtor or its interests in property; f. preparing motions, applications, answers, orders, reports, and other papers necessary to the administration of the case; g. preparing and negotiating a plan and disclosure statement and all related agreements and/or documents, and taking any necessary action to obtain confirmation of a plan; h. performing other necessary legal services and providing other necessary legal advice required by the Debtor in connection with the case. The firm will be paid at these hourly rates: William Factor, Partner $450 Lars Peterson, Partner $400 Alex Whitt, Associate $350 Samuel Rodgers, Paralegal $150 Danielle Mesikapp, Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from Debtor. Mr. Factor disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Factor, Esq. The Law Office of William J. Factor, Ltd. 105 W. Madison Street, Suite 2300 Chicago, IL 60602 Telephone: (312) 878-0969 Facsimile: (847) 574-8233 Email: wfactor@wfactorlaw.com About Chicago Smiles LLC Chicago Smiles, LLC provides a range of dental services, including cosmetic, implant, and restorative dentistry. The practice offers treatments such as teeth whitening, veneers, crowns and bridges, dental implants, Invisalign, root canal therapy, and dentures. Located in Chicago, the clinic supports new patients with education on oral health, pain management, and various dental care options. Chicago Smiles sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-07740) on May 21, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Donald R. Cassling handles the case. The Debtor is represented by William Factor, Esq., at The Law Office of William J. Factor, Ltd. CHICAGO SPORTS: Court Extends Cash Collateral Access to Aug. 23 --------------------------------------------------------------- Chicago Sports and Entertainment Group, Inc. received a one-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral for the period from July 23 to August 23 to pay the expenses set forth in its budget, with a 10% variance allowed. In return for the Debtor's continued use of its cash collateral, Platinum Bank will be provided with adequate protection in the form of a replacement lien on the Debtor's assets including cash, equipment, accounts and inventory; insurance coverage; and payment of $17,000. The Debtor is not allowed to pay the expenses of Chicago Sports and Entertainment Group Highland Park, Inc. or any other party from the cash collateral. A violation of this order will result in the dismissal of the Debtor's Chapter 11 case, with a bar to refiling. The next hearing is scheduled for August 26. About Chicago Sports and Entertainment Chicago Sports and Entertainment Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09337) on June 19, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Janice Seyedin serves as Subchapter V trustee. Judge Jacqueline P. Cox presides over the case. John H. Redfield, Esq., at the Law Offices of Crane, Simon, Clar & Goodman represents the Debtor as bankruptcy counsel. CINEMEX HOLDINGS: Court Denies Bid to Appoint Equity Committee -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida denied a motion filed by MN Theaters 2006, LLC to appoint an official committee of unsecured creditors in the Chapter 11 cases of Cinemex Holdings USA, Inc. and its affiliates. The bankruptcy court denied the creditor's request "without prejudice." The court will issue a memorandum opinion formalizing the reasons for denying the motion. In its motion filed on July 22, MN Theaters asked for the appointment of a creditors' committee that will initiate any serious investigation into issues that may affect unsecured creditors. MN Theaters said only a creditors' committee could investigate the companies' alleged $50 million debt to Wine and Roses S.A. de C.V. because that debt may be recharacterized as equity. The creditor also questioned the companies' eligibility for Subchapter V. Cinemex opposed the motion, arguing MN Theaters raised weak arguments, each of which "lacks legal and factual merit." About Cinemex Holdings USA Cinemex Holdings USA, Inc. is a holding company for cinema operations including CMX Cinema. Cinemex Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17559) on June 30, 2025. In its petition, Cinemex Holdings disclosed under $50,000 in both assets and liabilities. Judge Laurel M. Isicoff handles the cases. The Debtors tapped Quinn Emanuel Urquhart & Sullivan LLP as counsel and GlassRatner Advisory & Capital Group LLC as financial advisor. CITIUS PHARMACEUTICALS: Holds 84.3% Equity Stake in Citius Oncology ------------------------------------------------------------------- Citius Pharmaceuticals, Inc. disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of July 17, 2025, it beneficially owns 66,049,615 shares of Citius Oncology, Inc.'s common stock, $0.0001 par value per share, representing approximately 84.3% of the 78,370,402 shares of common stock outstanding as of that date. On July 17, 2025, the Citius Oncology sold and issued 6,818,182 shares of its common stock in a public offering. Citius Oncology, Inc. may be reached through: Alexander M. Donaldson, Esq. Wyrick Robbins Yates & Ponton LLP 4101 Lake Boone Trail, Suite 300 Raleigh, NC 27607 A full-text copy of Citius Pharmaceuticals' SEC report is available at: https://tinyurl.com/bdc9vdwh About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has suffered recurring losses and has a working capital deficit as of Sept. 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CLAIRE'S HOLDINGS: Back in Chapter 11 Due to Sales Drop, Tariffs ---------------------------------------------------------------- Claire's Holdings Inc. returned to Chapter 11 bankruptcy, saying that its strategy to expand the Company's physical locations beyond its core brand identity and business did not comprehensively offset the decline in in-person shopping, the rise of e-commerce across the board, increased costs, first from labor and other inflation, and then from tariffs. Claire's emerged from its prior prearranged chapter 11 cases in 2018 with a reorganized balance sheet that eliminated $1.9 billion of funded debt, a right-sized lease portfolio commensurate with the 2018 retail environment, and a business that was poised to succeed in a highly competitive retail environment. Chris Cramer, who joined the Company's leadership team in 2023 and was named as CEO in June 2024, said in court filings that while Claire's experienced a slump in sales during the initial three months of the COVID-19 pandemic, Claire's was well positioned to capitalize on pent-up demand when it reopened the majority of its stores in May 2020, as state and local governments began to ease COVID-19 related restrictions. Claire's experienced a continued period of growth during the retail-industry wide boom during 2021, and, indicative of Claire's strengthening brand presence, Claire's expanded its "C-Club" loyalty program in the United States from approximately 5.6 million members to over 8 million members. Claire's also amplified its online store presence, posting increased e-commerce sales. Claire's filed for an initial public offering on September 29, 2021, to drive further long-term growth in revenue and earnings. Claire's performance continued to increase through the fourth quarter of 2021, culminating in a record-breaking 2021 holiday season for Claire's. Industry-Wide Move Towards E-Commerce According to Mr. Cramer, COVID-19 upended the retail industry and resulted in long-term shifts in consumer behavior. Customer purchase volumes and mall foot-traffic decreased and demand shifted, as consumers shifted to retailers focused on e-commerce methods of product delivery as the pent-up in-store demand generated by COVID-19 dissipated. But the Company's business was not conducive to a large-scale transition to e-commerce for the long-run. The majority of the Company's customers are young individuals who do not themselves have access to funds, credit cards, or the ability to shop online. The Company is also smaller and offers more specialized products than most e-commerce competitors, and accordingly did not possess the scale to invest heavily in e-commerce capabilities that could support a broad transition from brick-and-mortar to online retail. The Company also invested in its concessions business to showcase and sell its products in the stores of other retailers with heavy foot traffic. Indeed, the Company grew its concessions business with prominent retailers like Walmart, CVS and Kohl's to more than 20,000 partner locations. But poor inventory management practices and systems and challenges with inventory shrinkage made it difficult for the Company's concession business to generate a financial return due to lost sales and customers. Increased Competition The piercing market, which Claire's had dominated year over year, also became increasingly more competitive. Specialty retailers that offered ear-piercing services, like Lovisa, Rowan, and Studs emerged with, in the aggregate, hundreds of locations across the United States, while other retailers, like Ulta and Five Below, introduced in-store ear piercing services. In addition, Claire's was slow to move into beauty and skincare products, missing out on share of customer wallet for such products, as competitors such as Lovisa, SHEIN, Five Below, Ulta, and Temu experienced their own rapid growth in this time period. Pricing and Inventory and Systems Issues The Company pursued several initiatives in an attempt to combat inflationary pressure, increased freight costs, and a period of high interest rates, that increased the Company's costs and lowered the Company's margins. The Company undertook a price adjustment strategy in 2021 to increase the prices of its merchandise and improve its margins. But the price adjustments did not have the revenue boosting effect that the Company had hoped. Instead, the Company's prices became less competitive, damaged the Company’s value perception with consumers, and led to a decrease in customers and sales. The Company also focused on stocking its shelves with more "core products" that are usable and wearable year-round, as opposed to trendy or seasonal merchandise. This, too, did not have the anticipated result on the Company's bottom line, as the Company was left stocked with too many products that did not feel relevant to consumers. Tariffs Lead to Higher Costs The Company relies heavily on foreign suppliers. Indeed, between November 2024 and April 2025, the Company purchased 70% of its inventory from suppliers located outside of the United States, including, among others, 56% from mainland China, 8% from Vietnam, and 3% from Thailand. As a result, the Company has been significantly impacted by the implementation of sweeping tariffs on imported goods in April 2025, which led to higher projected costs and uncertainty in inventory pricing. Specifically, on April 2, 2025, a cumulative 145% tariff on imported Chinese goods took effect, as did a 46% tariff on imported Vietnamese goods and a 35% tariff on imported Thai goods. The Company estimated that its cost of goods sold ("COGS") were projected to increase by $30 million (as of June 23, 2025) as a result of increased tariffs, as compared to the baseline tariffs in effect prior to April 2, 2025, despite tariffs declining to approximately 55% for China and 10% for each of Vietnam and Thailand by mid-June 2025. The Company could not raise prices to comprehensively mitigate the effects of tariffs on the Company's COGS. Raising prices in 2021 and 2022 contributed to declining customer base and declining same store sales. The Company evaluated and engaged in numerous tariff-mitigation initiatives including, among other things, (a) adjusting the Company's promotional calendar to lean less into "buy three get three" sale promotions, (b) testing price increases across the chain, (c) reassessing its inventory receipt plan for the year and holding back certain orders to identify opportunities to adjust inventory for the latter part of 2025, (d) implementing certain selling, general, and administrative and operating expenditures cuts, and (e) implementing a large reduction in force in March 2025. Ultimately, the Company saw a significant and unforeseen decline in same store sales, contributing to the need to commence Chapter 11 Cases. Turnaround Plan The Company began working on efforts to address its challenges, including via a "Same-Store Sales" or "SSS" turnaround, in November 2023. Beginning in December 2023, the Company engaged McKinsey & Company as consultants to assist the Company in developing its turnaround efforts, including identifying areas for improvement, including to inventory management practices and systems, pricing, non-merchandise procurement, vendor terms, key performance indicators, and reporting. When Chris Cramer assumed the title of CEO in June 2024, he implemented additional structure to the process of developing and implementing a comprehensive turnaround plan focused on improving all areas of the Company's business. Over the year preceding the Petition Date, the Company analyzed its retail channels and exited a substantial number of its unviable concessions locations to focus on core partners, reducing the Company's concessions footprint from approximately 20,000 locations to approximately 9,000. The Company renegotiated contracts with the remaining concessions partners, enabling the concessions channel to potentially deliver an acceptable financial return. The Company raised incremental financing in the form of the $50 million Priority Term Loan Facility in September 2024 to fund the Company's turnaround efforts and working capital needs. The Priority Term Loan Facility was subsequently upsized by an additional $50 million in February 2025. While Claire's was confident that the Turnaround Plan would position Claire's for future success, implementing a turnaround takes time. Despite green shoots in the business as a result of the Turnaround Plan, the Company simply ran out of time. Accordingly, the Company sought Chapter 11 bankruptcy. About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act (the "CCAA") to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. CLAIRE'S HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Claire's Holdings LLC 2400 West Central Road Hoffman Estates, IL 60192 Business Description: The Debtors and their non-Debtor affiliates are a specialty retailer of jewelry, accessories and provider of ear-piercing services, operating approximately 2,300 stores in North America and Europe -- including standalone Claire's outlets, Claire's "Store‐in‐Store" locations within Walmart and Icing stores -- alongside about 9,000 concessions and some 230 franchised outlets primarily in the Middle East and South Africa. Chapter 11 Petition Date: August 6, 2025 Court: United States Bankruptcy Court District of Delaware Fourteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Claire's Holdings LLC (Lead Case) 25-11454 Claire's Stores, Inc. 25-11462 Claire's Puerto Rico Corp. 25-11461 Claire's Boutiques, Inc. 25-11458 Claire's Canada Corp. 25-11459 Claire's Swiss Holdings LLC 25-11464 CSI Canada LLC 25-11467 Claire's Swiss Holdings II LLC 25-11463 CBI Distributing Corp. 25-11456 Claire's (Gibraltar) Holdings Limited 25-11457 CLSIP Holdings LLC 25-11465 BMS Distributing Corp. 25-11455 Claire's Intellectual LLC 25-11460 CLSIP LLC 25-11466 Debtors' Bankruptcy Counsel: Joshua A. Sussberg, P.C. Allyson B. Smith, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com allyson.smith@kirkland.com AND Alexandra F. Schwarzman, P.C. Robert A. Jacobson, Esq. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: alexandra.schwarzman@kirkland.com rob.jacobson@kirkland.com Debtors' Local Bankruptcy Counsel: Zachary I. Shapiro, Esq. Daniel J. DeFranceschi, Esq. Paul N. Heath, Esq. Clint M. Carlisle, Esq. Colin A. Meehan, Esq. RICHARDS, LAYRON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington Delaware 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: shapiro@rlf.com defranceschi@rlf.com heath@rlf.com carlisle@rlf.com meehan@rlf.com Debtors' Investment Banker: HOULIHAN LOKEY, INC. Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Claims & Noticing Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Chris Cramer as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KCYZLSI/Claires_Holdings_LLC__debke-25-11454__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Studex Corp. Trade Payable $10,806,821 521 W Rosecrans Ave Gardena, CA 90248 United States Jody Nicholas Director Email: jody@clinicalhealthusa.com Phone: 310-993-6941 2. Premium Retail Services LLC Trade Payable $1,643,391 618 Spirit Drive Chesterfield, MO 63005 United States Mr. Ron Travers Chief Executive Officer Email: rtravers@premiumretail.com Phone: 800.800.7318 3. Inspired Thinking Trade Payable $1,205,601 171 N Aberdeen St Suite 400 Chicago, IL 60607 United States Andrew Swinand Chief Executive Officer Email: andrewswinand@inspiredthinking.group Phone: (312) 620-1454 4. Workday, Inc. Trade Payable $1,142,084 6110 Stoneridge Mall Road Pleasanton, CA 94588 United States Carl Eschenbach Chief Executive Officer Email: carl.eschenbach@workday.com Phone: (925) 951-9000 5. Simon Property Group LP Rent Payable $931,934 225 West Washington Street Indianapolis, IN 46204 United States David Simon Chief Executive Officer Email: david.simon@simon.com Phone: 1 (317) 636-1600 6. Microsoft Corporation Trade Payable $890,874 One Microsoft Way Redmond, WA 98052 United States Satya Nadella Chief Executive Officer Email: satyan@microsoft.com Phone: (888) 725-1047 7. Walmart Inc Rent Payable $857,250 702 S.W. 8th St Bentonville, AR 72716 United States Carl Douglas Mcmillon Chief Executive Officer Email: doug.mcmillon@walmart.com Phone: (479) 273-4000 8. Accellor Inc. Trade Payable $605,002 42808 Christy St #216 Fremont, CA 94538 United States Pallaw Sharma Chief Executive Officer Phone: (510) 509-9934 9. Exegistics, Inc Trade Payable $577,271 3710 River Road Suite 100 Franklin Park, IL 60131 United States Stephen Olds President Email: stephen.olds@exegistics.com Phone: (847) 353-3810 10. The Benmoore Const. Group Trade Payable $525,468 87 Old River Street Hackensack, NJ 07601 United States Jeffrey Pittel Chief Executive Officer Email: jeffp@benmooreconstruction.com Phone: (201) 489-4466 11. Google Inc Trade Payable $525,187 1600 Amphitheatre Parkway Mountain View, CA 94043 United States Sundar Pichai Chief Executive Officer Email: sundar@google.com Phone: (650) 253-0000 12. The Retail Property Trust Rent Payable $508,082 225 West Washington Street Indianapolis, IN 46204 United States David Simon Chief Executive Officer Email: david.simon@simon.com Phone: 1 (317) 636-1600 13. Optiv Security Inc. Trade Payable $468,070 1144 15th St. Ste 2900 Denver, CO 80202 United States Kevin Lynch Chief Executive Officer Email: kevin.lynch@optiv.com Phone: (800) 574-0896 14. Algonomy Software Trade Payable $455,496 40/4 Lavelle Road Bangalore, 560001 India Atul Jalan Chief Executive Officer Email: atul.jalan@algonomy.com Phone: 91 80 6717 1602 15. Premium Outlet Partners, LP Rent Payable $413,146 60 Columbia Road Building B Morristown, NJ 07960 United States David Simon Chief Executive Officer Email: david.simon@simon.com Phone: 1 (317) 636-1600 16. The Creme Shop Trade Payable $409,500 819 South Gladys Avenue Los Angeles, CA 90021 United States Olive Kim Chief Executive Officer Email: olive.kim@thecremeshop.com Phone: (213) 688-0066 17. Aurora World Inc. Trade Payable $380,830 8820 Mercury Ln Pico Rivera, CA 90660 United States Henry Gweon Chief Executive Officer Email: henry@auroragift.com Phone: (888) 287-6722 18. Heritage Candy Company, Inc. Trade Payable $376,935 6923 Woodley Ave. Van Nuys, CA 91406 United States David Kolinsky President Email: david@heritagecandy.com Phone: (818) 780-9600 19. Brookfield Property Partners L.P. Rent Payable $370,959 Brookfield Place New York 250 Vesey Street 15th Floor New York, NY 10281 United States Bruce Flatt Chief Executive Officer Email: b.flatt@brookfield.com Phone: 212-417-7000 20. The Macerich Company Rent Payable $355,856 401 Wilshire Boulevard Suite 700 Santa Monica, CA 90401 United States Jackson Hsieh President And Chief Executive Officer Email: jackson.hsieh@macerich.com Phone: (310) 394-6000 21. Lennox Industries,Inc. Trade Payable $352,947 2140 Lake Park Blvd. Richardson, TX 75080 United States Alok Maskara Chief Executive Officer Email: alok.maskara@lennox.com Phone: (972) 497-5000 22. Grant Thornton LLP Trade Payable $347,920 171 N Clark St. Suite 200 Chicago, IL 60601 United States Ron Messenger Chief Executive Officer Email: ron.messenger@us.gt.com Phone: (312) 856-0200 23. Ovative Group, LLC Trade Payable $339,662 224 N Desplaines St #200 Chicago, IL 60661 United States Dale Nitschke Chief Executive Officer Email: dale.nitschke@ovative.com Phone: (612) 886-1010 24. UPS Supply Chain Solutions Inc Trade Payable $336,703 12380 Morris Road Alpharetta, GA 30005 United States Carol B. Tome Chief Executive Officer Email: ctome@ups.com Phone: 1-800-742-5727 25. Centric Beauty LLC Trade Payable $332,255 350 Fifth Ave New York, NY 10118 United States Jason Rabin Chief Executive Officer Email: jrabin@centricbrands.com Phone: (646) 582-6000 26. Tanger Properties Limited Rent Payable $313,755 3200 Northline Avenue Suite 360 Greensboro, NC 27408 United States Stephen Yalof President And Chief Executive Officer Email: sy@tanger.com Phone: 336.292.3010 27. Frontstreet Facility Solutions Trade Payable $292,702 4170 Veterans Memorial Highway Bohemia, NY 11716 United States Thomas J. Hutzel Chief Executive Officer Email: thutzel@frontstreetfs.com Phone: (631) 750-4000 28. United Techno Solutions Inc. Trade Payable $281,192 4900 Hopyard Rd. Ste 100 Pleasanton, CA 94588 United States Moorthy Subbiah Chief Executive Officer Email: thandav@unitedtechno.com Phone: (650) 720-5714 29. BPR-FF LLC Rent Payable $264,453 Brookfield Place New York 250 Vesey Street 15th Floor New York, NY 10281 United States Bruce Flatt Chief Executive Officer Email: b.flatt@brookfield.com Phone: 212-417-700 30. Kojac Fashion Accessories Ltd Trade Payable Undetermined Fora Spitalfields 42-46 Princelet Street London, E1 5LP United Kingdom Sam Malde Chief Executive Officer Email: sam@kojac.co.uk Phone: 44 0207 612 0736 CLAIRE'S HOLDINGS: Closing 700 Stores, All Concessions in U.S. -------------------------------------------------------------- Claire's Holdings returned to Chapter 11 bankruptcy, saying that it is planning to close 700 of 1,335 underperforming store locations in the U.S., and all of its concession locations at retailers in North America. Claire's has also signed a fee-for-service agency agreement with Hilco Merchant Resources, LLC to liquidate all or a portion of the United States and U.S. territory stores in the event a going-concern transaction for its stores is not achievable. Chris Cramer, who joined the Company's leadership team in 2023 and was named as CEO in June 2024, said in U.S. court filings that the Company operates: (a) 2,300 brick-and-mortar stores, consisting of: (i) 1,970 Claire's stores located in 17 countries throughout North America and Europe, (ii) approximately 210 Claire's "Store-in-Store" ("SiS") locations inside Walmart stores in North America, and (iii) 120 Icing stores in North America, and (b) around 9,000 "concessions" locations throughout North America and Europe. In addition, Claire's franchisees operate 230 franchised stores, primarily located in the Middle East and South Africa. Globally, the Company has around 13,000 employees. As of the Petition Date, the Debtors employ 7,000 employees who work in their retail stores, corporate offices, and distribution center, and who are essential to the Debtors' ordinary course business operations. The Debtors intend to use the initial days of their chapter 11 cases to convert one or more of the non-binding letters of intent into binding commitments to purchase some or all of the Debtors' assets. In the meantime, the Debtors intend to immediately commence store closing sales to monetize some or all of their store locations pursuant to the Agency Agreement and in accordance with the terms of the consensual cash collateral order negotiated with the Debtors' ABL Lenders and Priority Term Loan Lenders. The liquidity generated from the store closing sales will facilitate the administration of the Chapter 11 cases and maximize the value of the Debtors' estates for the benefit of all stakeholders. The Debtors maintain the flexibility under the Agency Agreement, subject to the consent of their lenders, to stop the liquidation sales in the event of an actionable going-concern transaction and will continue to make every effort to effectuate such a transaction. As of the Petition Date, the Debtors will proceed to liquidate their retail inventory through the store closing sales and subsequently exit their retail store locations. In parallel, the Debtors will continue to market their assets to consummate one or more value-maximizing transactions. The Debtors intend to file a motion seeking approval of customary bidding procedures to govern a sale process for their assets in the coming days. The milestones agreed with lenders provide that the Debtors have until the earlier of (i) August 31, 2025 or (ii) the date the Debtors request a post-petition borrowing pursuant to a post-petition financing facility to deliver to the ABL Agent a binding bid to purchase the Debtors' anticipated go-forward assets as a going concern, with no financing or diligence contingencies. Store Closures, Halt of All Concessions Prior to the Petition Date, the Debtors undertook a review of their 1,350 retail store locations located in the United States and U.S. territories and determined that 700 of their stores (including the Debtors' Walmart SiS portfolio) were unviable under current economic terms. Monthly rent obligations for these stores are approximately $2.6 million per month. The Go-Forward Business Plan was centered around rationalizing the Company’s North American footprint, including by exiting stores with burdensome lease obligations or that are otherwise unviable, and focusing the Company's resources on the remaining approximately 800 stores. The Debtors and their advisors developed a plan to effectuate an orderly and efficient exit from their approximately 700 unviable or less profitable physical store locations in all scenarios, including a going-concern transaction. Absent a going-concern purchaser emerging in the immediate near-term, the Debtors will continue to liquidate the entirety of their U.S. lease portfolio, through the store closing procedures. The Company also invested in its concessions business to showcase and sell its products in the stores of other retailers with heavy foot traffic. Indeed, the Company grew its concessions business to more than 20,000 partner locations. Unfortunately, the Concessions business did not yield the expected returns, but instead saddled the Company with a large and complex network of concessions partners that required significant labor to manage. As a result, in 2024 and 2025, the Company significantly scaled back its concessions business. The Company currently operates 9,000 concessions locations worldwide, and has decided, in an exercise of its business judgment, to exit all of its concessions locations in North America during the course of the Chapter 11 Cases. About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act (the "CCAA") to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. CLAIRE'S HOLDINGS: Files for Bankruptcy in U.S. and Canada ---------------------------------------------------------- Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores across the United States, announced that it has commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware to maximize the value of its business. Its Canadian affiliate operating stores across Canada also intends to commence proceedings in Canada under the Companies' Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice (Commercial List). Claire's has 1,350 retail store locations located in the United States and U.S. territories, with 700 of those stores already slated for closing. Claire's has 120 leased retail store locations across 10 provinces in Canada, including 45 in Ontario. These proceedings will enable Claire's to immediately commence the monetization process for its assets to maximize value for the business, while continuing an active and comprehensive review of strategic alternatives, including discussions with potential strategic partners that began prior to the filings. "This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders," said Chris Cramer, CEO of Claire's, in a statement announcing the filings in the U.S. and Canada. "We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives." Mr. Cramer continued, "I'd like to express my gratitude for our employees, who have continued to work diligently in a constantly evolving consumer landscape to deliver amazing products and experiences for our customers. We remain committed to serving our customers and partnering with our vendors and landlords in other regions during this time." Claire's retail stores in North America will remain open and continue to serve customers while the Company continues to explore all strategic alternatives. Through the filing of customary "first day" motions with the U.S. Court and the Canadian Court, Claire's intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits. Claire's U.S. intends to seek approval for a consensual use of cash collateral to ensure it has the liquidity necessary to support its operations. About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web: http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act (the "CCAA") to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. CME FITNESS: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for CME Fitness, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About CME Fitness LLC CME Fitness, LLC is a fitness company based in Winter Springs, Florida. CME Fitness sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04821) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at Bransonlaw PLLC. COMMSCOPE HOLDING: S&P Places 'CCC+' ICR on CreditWatch Positive ---------------------------------------------------------------- S&P Global Ratings placed its 'CCC+' issuer credit rating on network connectivity provider CommScope Holdings Co. Inc. on CreditWatch with positive implications. S&P said, "We will resolve the CreditWatch placement after we collect the necessary information about CommScope's new capital structure, operating strategy, financial outlook, and financial policy, potentially upgrading the issuer credit rating by more than one notch." On Aug. 4, 2025, network connectivity provider CommScope Holdings Co. Inc. filed an 8-K stating it reached an agreement to sell its connectivity and cable solutions (CCS) business to Amphenol Corp. for approximately $10.5 billion. CommScope expects to use those sale proceeds to repay all its debt and preferred equity. The CreditWatch placement follows network connectivity provider CommScope announcement it will sell its CCS segment to Amphenol for approximately $10.5 billion. That will leave CommScope with its access network solutions (ANS) and Ruckus business. CommScope has stated that after transaction close, it will repay all of its debt and redeem all preferred equity. Given that the company will repay all its existing debt, we have not placed our issue-level ratings on CreditWatch. Once all current CommScope debt has been repaid, S&P will withdraw the issue-level rating on the current CommScope debt. CommScope has stated that it will look to add debt to the remaining business's capital structure but has not disclosed the amount. S&P said, "We await details on CommScope's remaining capital structure, operating strategy, financial outlook, and financial policy. When we resolve the CreditWatch placement, we could potentially upgrade CommScope by more than one notch. "We will resolve the CreditWatch placement after we collect the necessary information about the new CommScope's capital structure, operating strategy, financial outlook, and financial policy, potentially upgrading the issuer credit rating by more than one notch." CONFLUENCE CORP: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Confluence Corporation got the green light from the U.S. Bankruptcy Court for the District of Hawaii to use the cash collateral of Wynwood Capital and the U.S. Small Business Administration. The court's order authorized the Debtor's interim use of cash collateral pending the final hearing on August 11. This authorization entitles the Debtor to use the pre-bankruptcy cash collateral of secured creditors to pay operating expenses in accordance with its budget; and exceed the budget by 20% each period (on an aggregate and cumulative basis). The budget includes a $16,077 insurance premium installment payment for July. Adequate protection is provided through monthly non-default interest payments to the SBA and replacement liens in favor of both the SBA and Wynwood. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/d8kFV from PacerMonitor.com. About Confluence Corporation Confluence Corporation, doing business as Regal Service Company, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00623) on July 17, 2025, listing between $1 million and $10 million in both assets and liabilities. Christopher W. Caliedo, president of Confluence, signed the petition. Judge Robert J. Farris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. CRC INSURANCE: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for CRC Insurance Group, LLC and CRC Platform Midco, L.P. at 'B'. The Rating Outlook is Stable. The ratings impact approximately $6.2 billion of debt outstanding as of June 2025, pro forma for an incremental term loan being raised to finance M&A activity. The ratings reflect CRC's solid market position in the U.S. insurance brokerage landscape, stable and recurring business model, solid EBITDA margins and exposure to a recession resilient end market. However, weak balance sheet metrics, including high EBITDA leverage and low interest coverage, continue to weigh against the ratings. Key Rating Drivers High Leverage, Weak Coverage: CRC was spun off from Truist Financial Corporation (NYSE: TFC; A/Stable) and acquired by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R), among others. CRC has relatively weak credit metrics, with EBITDA leverage projected to be 7.0x or higher over the next few years. Reported gross leverage is lower at 6.8x, pro forma at June 2025. EBITDA interest coverage is also low and expected to be near 2.0x in the next few years. This is among the low-end of Fitch-rated industry peers and limits operating flexibility at the current rating. Stable Competitive Position: The company is well positioned in the fragmented U.S. broker industry, with significant scale compared to many brokers, but smaller than large global leaders. Fitch estimates CRC could approach $3 billion or more total revenue in the next few years, with Fitch-defined EBITDA estimated in the $900 million to $1 billion range by 2026-2027. CRC's business includes the largest U.S. insurance wholesaler (operating under the CRC Specialty brand), one of the largest managing general agents (MGA) platforms (AmRisc & Starwind) and a leading independent commercial title agent (Kensington Vanguard). Aggressive M&A Strategy: Since separating from TFC in 2024, the company has completed several divestitures and acquisitions that have evolved its business. In 2H 2024, it divested McGriff for $7.75 billion and sold smaller life insurance operations. It plans to acquire several companies in 2025 for more than $1 billion combined. The Atrium Underwriting Group Limited acquisition may boost EBITDA by roughly 5% versus the current run-rate and further expand CRC into high-margin, specialty insurance operations. Fitch expects CRC to remain acquisitive, spending $500 million-$700 million annually on acquisitions in the coming years. Healthy Organic Growth: CRC's historical growth profile has supported the credit profile but has slowed recently. Organic growth was 3% in 2Q25, well below the high-single-digit growth average of the past five years. Fitch attributes this partly to overall slowing P&C trends in recent quarters, as seen among various public insurance brokers in 1H25. Further slowing in P&C pricing and organic growth poses some risks. However, CRC's high client retention and ongoing expansion through producer recruitment should drive revenue growth over time. Diversified Revenue Profile: CRC's ratings benefit from some diversification, but wholesale P&C brokerage accounts for over half of total revenue. CRC provides wholesale P&C brokerage, underwriting, and employee benefits solutions. Most of its business is in the U.S., though recent M&A and producer recruitment have broadened its regional exposure over the past few years, with some concentration in the southeastern U.S. CRC has limited concentration in terms of carriers and clients. Stable Industry: CRC operates a predictable business model in an industry that has performed well across economic cycles. The insurance brokerage sector remained stable during the 2008-2009 financial crisis and the 2020 COVID-19 pandemic, with major insurance brokers seeing only low- to mid-single-digit organic revenue declines from 2008 to 2010. Fitch attributes this to the essential nature of insurance and benefits services and the brokerage business model's adjustable cost structure. Healthy Cash Flows: Fitch projects mid- to high-single-digit free cash flow (FCF) margins as a percentage of revenue in the coming years, which is relatively healthy and supports the credit profile. CRC's cash generation is negatively impacted by meaningful cash interest expense given high leverage. Like industry peers Fitch reviews, CRC has relatively low capital expenditures and working capital needs. This allows the company to deploy excess cash flow toward organic and acquisitive growth opportunities. Peer Analysis CRC competes in a fragmented insurance brokerage and benefits services landscape, including local/regional companies, national agents and large multi-national brokers. Fitch rates several comparable companies in the insurance brokerage and business services industries in terms of scale, operating profile, and business model. The 'B' IDR reflects CRC's strong historic growth profile, solid profitability, and resilience of its business model and the industry in which it competes. This is offset by a high EBITDA leverage and relatively weak interest coverage. CRC is one of the largest U.S. insurance brokers, with pro forma revenue of approximately $2.5 billion as of June 2025. However, it remains relatively small and has higher financial leverage compared to larger global brokers such as Willis Towers Watson plc (BBB+/Stable), Aon plc (BBB+/Stable), Marsh & McLennan Companies, Inc. (A-/Stable), and Arthur J. Gallagher & Co. (AJG; BBB+/Stable). CRC also has weaker credit metrics than U.S.-centric brokers including Brown & Brown, Inc. (Brown; BBB/Stable), which has materially larger scale, and Ryan Specialty Holdings, Inc. (BB+/Stable). Ryan Specialty operates with relatively similar revenue and earnings scale to CRC. Relative to Canadian insurance broker Navacord Intermediate Holdings, Inc. (B/Stable), CRC is much larger but similarly highly leveraged and operates with low EBITDA interest coverage. Key Assumptions - Organic revenue growth estimated in the mid-single digit range over the ratings horizon. Incremental revenue assumed from new M&A. - EBITDA margins are projected to expand modestly in the next few years, benefiting from higher-margin M&A, cost savings and some operating leverage on revenue growth; - Cash taxes and working capital projected to be a relatively modest use of cash flow in the next few years; - Fitch assumes continued M&A over the ratings horizon, with additional cash out flows also related to purchase and integration costs; - SOFR declines to the high-3% range over the ratings horizon. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6), and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch assumes CRC would emerge from a default scenario under the going concern approach. Key assumptions used in the recovery analysis are as follows: - Fitch estimates a going concern EBITDA of approximately $675 million, or below the company's current run-rate EBITDA. This lower level of EBITDA considers competitive and/or company-specific pressures that hurt earnings in the future while also considering that its M&A strategy could lead to a much higher EBITDA base before any risk of bankruptcy. - Fitch assumes a 6.5x emergence EV/EBITDA multiple, which is validated by historic public company trading multiples, industry M&A and past reorganization multiples Fitch has seen across various industries. - Fully drawn revolving credit facility at time of bankruptcy. - 10% administrative claims. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Interest coverage, defined as EBITDA/interest paid, sustained below 1.5x; - (CFO-Capex)/Debt sustained near 1% or below; - EBITDA leverage, defined as debt/EBITDA, is sustained above 8.0x; - Deterioration in operating fundamentals that lead to weaker revenue trends, margin underperformance, and compression of cash flows. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage, defined as debt/EBITDA, is sustained below 6.5x; - (CFO-Capex)/Debt sustained above 5%. Liquidity and Debt Structure CRC's liquidity is adequate and should enable growth investments while providing sufficient downside protection for the rating. On a pro forma basis, including the pending incremental first lien term loan issuance and Atrium acquisition, the company will have cash of $183 million as of June 2025. Liquidity is further supported by stable and positive cash generation in the business and nearly $1.2 billion of availability on its first-lien senior secured revolver. Fitch projects FCF to remain positive over the forecast, although one-time expenses and higher interest expense will constrain cash flow generation. As of June 2025 (pro forma for the incremental term loan issuance), the company's capital structure consisted of $5.2 billion of first lien, senior secured debt and $1.0 billion of second lien term loans. Its first lien senior secured debt as of June 2025, pro forma the incremental term loan to finance M&A, included an approximately $1.2 billion revolver, $2.2 billion of term loans maturing in 2031 and $3.0 billion of senior secured notes. Additionally, the company had $1.0 billion of second lien term loans. Fitch expects CRC will continue to rely on debt issuances and internal cash generation in the future to finance M&A. Issuer Profile CRC Insurance Group, LLC (formerly TIH Insurance Holdings, LLC) is a diversified U.S. insurance distribution firm, with wholesale specialty P&C insurance brokerage and managing general agent (MGA) operations. It was separated from Truist Financial Corporation in May 2024 and founded in 1982. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CRC Platform Midco, L.P. LT IDR B Affirmed B CRC Insurance Group, LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Senior Secured 2nd Lien LT CCC+ Affirmed RR6 CCC+ CREEKSIDE 2019: Claims Will be Paid from Property Sale/Refinance ---------------------------------------------------------------- Creekside 2019 LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Plan and Disclosure Statement dated July 29, 2025. The Debtor owns a multifamily, 286-unit apartment complex. This apartment complex is not operating, as it was wrongfully condemned by the City of Dickinson. Debtor was unable to operate the apartment complex as a result of the wrongful condemnation. The Debtor will sell (or refinance) the apartment complex (Deats Rd.) on or before August 31, 2026, paying all allowed secured creditors from the proceeds of the sale (or refinance) on all amounts then outstanding in full. The Debtor agrees that if it is unable to sell or refinance by August 31, 2026, it will not commence a subsequent bankruptcy proceeding. The Debtor shall at all times during this Plan maintain insurance. Class (1(a) creditor may not repossess or dispose of their collateral or otherwise proceed against the Debtor, its collateral and any guarantors, so long as Debtor is not in Material Default under the Plan. Class 1(a) Allowed Secured claims are impaired and thus are entitled to vote on confirmation of the Plan. Class 1(b) Allowed Secured claims are unimpaired and are not entitled to vote on confirmation of the Plan. Class 2(a) consists of Allowed General Unsecured Claims. Allowed claims of general unsecured creditors (including allowed claims of creditors whose executory contracts or unexpired leases are being rejected under this Plan) shall be paid in full according to terms. Creditors in this class may not take any collection action against Debtor so long as Debtor is not in Material Default under the Plan. This class is not impaired and is not entitled to vote on confirmation of the Plan. The Debtor sole equity holder, Dr. Fercan E. Kalkan, shall retain his interest in the Debtor; however, no Distributions shall be made until all Allowed Claims have been paid in full. Texas Excel Property Management Services Corp. shall continue to manage the apartment complex at a reduced rate, which is an insider of the Debtor. Dr. Fercan E. Kalan shall remain the Debtor's Sole Manager and Member and shall serve without salary from the Debtor until all Plan payments have been made. On the Effective Date, all property of the estate and interests of the Debtor, that is property of the estate as of the date of Plan confirmation, will vest in the reorganized Debtor pursuant to Section 1141(b) of the Bankruptcy Code free and clear of all lien, claims, interests and encumbrances except as otherwise provided in this Plan. The obligations to creditors that Debtor undertakes in the confirmed Plan replace those obligations to creditors that existed prior to the Effective Date of the Plan. Debtor's obligations under the confirmed Plan constitute binding contractual promises that, if not satisfied through performance of the Plan, create a basis for an action for breach of contract under Texas law. A full-text copy of the Combined Plan and Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=MkXCxs from PacerMonitor.com at no charge. About Creekside 2019 LLC Creekside 2019 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80094) on March 4, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $ million and $10 million. Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by: James Q. Pope, Esq. THE POPE LAW FIRM 6161 Savoy Drive 1125 Houston TX 77036 Tel: (713) 449-4481 Email: jamesp@thepopelawfirm.com CRICKET VALLEY: Davis Polk Advised Kiwoom in Out-of-Court Exchange ------------------------------------------------------------------ Davis Polk advised Kiwoom Asset Management Co., Ltd and certain of its affiliates in connection with a comprehensive out-of-court recapitalization of Cricket Valley Energy Center and its affiliates. Pursuant to the terms of the transaction, Kiwoom exchanged approximately $326 million of mezzanine debt for warrants which, subject to receipt of certain regulatory approvals, will convert into a substantial majority of Cricket Valley's common equity. The transaction also entailed, among other things, the refinancing of approximately $635 million of Cricket Valley's outstanding operating company debt with new first- and second-lien credit facilities, the implementation of corporate governance structures consistent with applicable regulatory requirements, and the issuance of warrants to the new second-lien lenders, a new asset manager and the existing sponsors. Cricket Valley owns a state-of-the-art power facility in Dover, New York. It utilizes modern combined-cycle natural gas turbine technology to produce reliable electricity with fewer carbon emissions than traditional simple-cycle gas or coal plants. It has the capacity to generate approximately 1,016 megawatts of electricity, or enough to power one million homes. The Davis Polk restructuring team included partners Damian S. Schaible and Jonah A. Peppiatt and associate Moshe Melcer. The infrastructure finance team included partner Elena Maria Millerman and associate Mostafa Al Khonaizi. Counsel J. Avelina Burbridge provided real estate advice. The M&A team included partner Evan Rosen, counsel Jacob S. Kleinman and associate Jessica Poggi. Partner Corey M. Goodman and associates Bradford Sherman and Michael Hsieh provided tax advice. Partner Paul D. Marquardt and associate Charles Marshall Wilson provided regulatory advice. Members of the Davis Polk team are based in the New York and Washington DC offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. DARE BIOSCIENCE: Regains Compliance With Nasdaq Equity Rule ----------------------------------------------------------- Dare Bioscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a letter from the Nasdaq Office of General Counsel confirming that the Company demonstrated compliance with the stockholders' equity requirement in Nasdaq Listing Rule 5550(b)(1) (the "Stockholders' Equity Rule"), and that the Company is therefore in compliance with the Nasdaq Capital Market's continued listing requirements. That letter also informed the Company that, pursuant to Nasdaq Listing Rule 5815(d)(4)(B), it will be subject to a Mandatory Panel Monitor for a period of one year from July 24, 2025, and that if, within that one-year period, the Nasdaq Listing Qualifications Staff determines that the Company is out of compliance with the Stockholders' Equity Rule, the Staff will issue a delist determination letter and the Company will have an opportunity to request a new hearing with Nasdaq's Hearings Panel. Notwithstanding Nasdaq Listing Rule 5810(c)(2), the Company will not be permitted to provide a plan of compliance to the Staff with respect to such non-compliance, the Staff will not be permitted to grant additional time for the Company to regain compliance, and it will not be afforded a cure period pursuant to Nasdaq Listing Rule 5810(c)(3). About Dare Bioscience Dare Bioscience, Inc. is a biopharmaceutical company committed to advancing innovative products for women's health. The Company's mission is to identify, develop, and bring to market a diverse portfolio of differentiated therapies that prioritize women's health and well-being, expand treatment options, and improve outcomes, primarily in the areas of contraception, vaginal health, reproductive health, menopause, sexual health, and fertility. Irvine, California-based Haskell & White LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DEL MONTE: Dechert Represents Minority Secured Lenders ------------------------------------------------------ In the Chapter 11 cases of Del Monte Foods Corporation II, Inc., and affiliates, the Ad Hoc Group of Minority Secured Lenders filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The members of the Minority Ad Hoc Group are (i) certain funds or accounts managed or advised by Catalur Capital Management, LP, (ii) CoBank, ACB, (iii) Farm Credit Bank of Texas, (iv) GreenStone Farm Credit Services, FLCA, (v) certain funds or accounts managed or advised by Guggenheim Partners Investment Management, LLC and/or its affiliates, (vi) certain funds or accounts managed by MILLENNIUM CMM, LTD, and, (vii) certain funds or accounts managed by Tikehau Capital North America LLC. Starting in July 2025, members of the Minority Ad Hoc Group retained attorneys with the firm of Dechert LLP to represent them as counsel in connection with their holdings of the outstanding indebtedness of the Debtors. Dechert does not hold any disclosable economic interests in relation to the Debtors. Dechert's address is Three Bryant Park, 1095 Avenue of the Americas, New York, New York, 10036. The members of the Minority Ad Hoc Group beneficially own or manage approximately $161.36 million in aggregate principal amount of loans under the first-out term loan tranche (the "First-Out Term Loan"), the second-out term loan tranche (the "Second-Out Term Loan"), and the third-out term loan tranche (the "Third-Out Term Loan," and collectively, the "Prepetition Term Loans"), under that certain Super-Priority Credit and Guaranty Agreement, dated as of August 2, 2024, among Del Monte Foods Corporation II Inc., as Borrower, DM Intermediate II Corporation, as Holdings, certain subsidiaries of Del Monte Foods Corporation II Inc., as Guarantors, various lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the "Super Senior Credit Agreement"), and including through exposure in a total returns swap. Of that $161.36 million, $34.71 million is First-Out Term Loans (for 8.78% of the total outstanding principal amount of First-Out Term Loans as of the Petition Date), $73.01 million (including $14.2 in total returns swaps) is Second-Out Term Loans (for 15.57% of the total outstanding principal amount of Second Out Term Loans as of the Petition Date), and $53.64 million is Third-Out Term Loans (for 39.73% of the total outstanding principal amount of Third-Out Term Loans as of the Petition Date). The Minority Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Certain funds or accounts advised by Catalur Capital Management, LP One Grand Central Place 60 East 42nd Street Suite 1130 New York, NY 10165 * First-Out Term Loans: $3,049,879.00 * Second-Out Term Loans: $12,623,960.00 * Third-Out Term Loans: $3,999,863.00 * Total: $19,673,702.00 2. CoBank, ACB 6340 S. Fiddlers Green Circle Greenwood Village, CO 80111 * First-Out Term Loans: $10,504,485.25 * Second-Out Term Loans: $8,943,832.02 * Third-Out Term Loans: $20,592,898.96 * Total: $40,041,216.23 3. Farm Credit Bank of Texas 4801 Plaza on the Lake Drive, Austin, Texas 78746 P.O. Box 202590 Austin, TX 78720 * First-Out Term Loans: $2,798,857.84 * Second-Out Term Loans: $2,383,031.05 * Third-Out Term Loans: $5,465,879.06 * Total: $10,647,767.95 4. GreenStone Farm Credit Services, FLCA 3515 West Road, East Lansing, MI 48823 * First-Out Term Loans: $7,063,322.91 * Second-Out Term Loans: $5,957,577.59 * Third-Out Term Loans: $13,717,139.71 * Total: $26,738,040.21 5. Certain funds or accounts managed or advised by Guggenheim Partners Investment Management, LLC and/or its affiliates 330 Madison Avenue, 10th Floor New York, New York 10017 * First-Out Term Loans: $11,296,923.53 * Second-Out Term Loans: $23,734,443.28 * Total: $35,031,366.80 6. Certain funds or accounts advised by MILLENNIUM CMM, LTD 399 Park Ave. New York, NY 10022 * Second-Out Term Loans: $14,192,563.00 * Total: $14,192,563.00 7. Certain funds or accounts advised by Tikehau Capital North America LLC 9 West 57th Street, 45th Floor New York, NY 10019 * Second-Out Term Loans: $5,177,163.84 * Third-Out Term Loans: $9,859,242.20 * Total: $15,036,406.04 Attorneys for the Ad Hoc Group: John W. Weiss, Esq. David E. Sklar. Esq. PASHMAN STEIN WALDER HAYDEN, P.C. 21 Main Street, Suite 200 Hackensack, New Jersey 97601 Telephone: (201) 270-5477 Email: jweiss@pashmanstein.com dsklar@pashmanstein.com -and- Allan S. Brilliant, Esq. Stephen M. Wolpert, Esq. DECHERT LLP 1095 Avenue of the Americas New York, NY 10036-6797 Tel: (212) 698-3500 Fax: (212) 698-3599 Email: allan.brilliant@dechert.com stephen.wolpert@dechert.com About Del Monte Foods Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by Greenberg Traurig, LLP and Simpson Thacher & Bartlett LLP. The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. has retained Morrison Foerster and Kelley Drye & Warren LLP as counsel. DENOYER-GEPPERT: Matthew Brash Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Denoyer-Geppert Science Company. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Denoyer-Geppert Science Company Denoyer-Geppert Science Company manufactures scientific models, charts and simulators -- particularly for human anatomy, biology and chemistry education -- from its headquarters in Illinois, serving educators and medical professionals since its founding in 1916. Denoyer-Geppert Science Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11605) on July 30, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Jacqueline P. Cox handles the case. The Debtor is represented by: David R Herzog, Esq. David R. Herzog 53 W. Jackson Jackson Blvd., Suite 1442 Chicago IL 60604 Tel: 312-977-1600 drh@dherzoglaw.com DFND SECURITY: Mark Sharf Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for DFND Security, Inc. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About DFND Security DFND Security, Inc. is a California-headquartered cybersecurity and IT strategy firm that provides enterprise-level technology architecture, security solutions and talent sourcing for global corporations. It partners with organizations across North and South America, Europe and beyond, rawing on a team of former C suite IT and security leaders with experience at Oracle, NetApp, Broadcom, Sony and Intuit. Through a flexible engagement model, DFND Security helps clients address complex IT and cybersecurity challenges at scale. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12150) on August 1, 2025, with $1 million to $10 million in assets and liabilities. Tony Miranda, president, signed the petition. Marc C. Forsythe, Esq., at Goe Forsythe & Hodges, LLP represents the Debtor as legal counsel. DRIVEHUB AUTO: Gets Final OK to Use Cash Collateral --------------------------------------------------- DriveHub Auto, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. All prior interim orders granting the Debtor's bid to use cash collateral are deemed final. The cash collateral the Debtor intends to use is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by liens of XL Funding, LLC. Prior to the petition date, the Debtor obtained financing from XL Funding, which is purportedly secured by a lien on its cash and cash equivalents based on records maintained with the State of Florida. XL Funding may assert a first priority security interest in the cash and cash equivalents by virtue of a UCC-1 financing statement filed with the State of Florida in 2021. The outstanding balance owed to XL Funding is approximately $135,066.62.1, according to court papers filed in February. About DriveHub Auto Inc. DriveHub Auto Inc. is a used car dealership located in Orlando, Fla., offering pre-owned vehicles to customers. DriveHub Auto filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00594) on January 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. XL Funding, LLC, as secured creditor, is represented by: Eric B. Zwiebel, Esq. Emanuel & Zwiebel, PLLC 7900 Peters Road Building B, Suite 100 Plantation, FL 33324 eric.zwiebel@emzwlaw.com EL CHILITO MEXICAN: Gets Final OK to Use SBA's Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved the fourth stipulation between El Chilito Mexican Food, Inc. and the U.S. Small Business Administration. The stipulation authorizes the Debtor to use cash collateral on a final basis to pay its expenses until the confirmation of a Chapter 11 plan or until its bankruptcy case is converted or dismissed, whichever occurs first. As a condition for the Debtor's use of its cash collateral, SBA will be provided with adequate protection in the form of a replacement lien on the Debtor's post-petition revenues, monthly payments, and a superpriority claim. The SBA is the senior secured creditor with a lien on the Debtor's personal property (e.g. cash, accounts receivable). The Debtor asserted that all junior lienholders are fully unsecured due to SBA's lien value exceeding the value of its business assets. About El Chilito Mexican Food El Chilito Mexican Food, Inc. is a local taqueria serving a selection of Tex-Mex and interior Mexican style tacos, coffee, frozen sangria/mimosas, and draft beer. El Chilito sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11032) on September 11, 2024, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Ronald A. Clifford III oversees the case. The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law, LLP. ENC PARENT: S&P Alters Outlook to Stable, Affirms 'B-' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative and affirmed its 'B-' issuer credit rating on U.S.-based drayage services facilitator ENC Parent Corp. S&P said, "We also affirmed our 'B-' issue-level rating and '3' recovery rating (rounded estimate: 55%) on the company's first-lien debt; and 'CCC' issue-level rating and '6' recovery rating (rounded estimate: 0%) on its second-lien debt. "The stable outlook reflects our expectation that ENC's profitability will improve in 2025. enabling it to achieve break-even reported free cash flow in 2025 and modestly positive free cash flows in 2026. We also anticipate the company will not face significant difficulties in refinancing its ABL revolver facility maturing in August 2026. "We believe ENC's modestly improved operating performance has improved its liquidity position. After peaking in 2022, ENC's S&P Global Ratings-adjusted EBITDA declined for two consecutive years, falling to nearly half of its peak level in fiscal 2024. As a result of this deterioration, the company reported a free cash flow deficit of about $6 million in 2024. However, we now forecast its S&P Global Ratings-adjusted EBITDA margin will improve by 110 basis points (bps), reaching 4.9% in fiscal 2025 underpinned by drayage volumes growth of 7%-8% during the first six months of 2025. "Additionally, the company is realizing cost efficiencies from targeted cost reductions. Accordingly, we now estimate ENC's fiscal 2025 S&P Global Ratings-adjusted EBITDA will be $75 million-$80 million. This is about $15 million-$20 million higher than last year and sufficient to achieve break-even reported free cash flows for the year. For fiscal 2026, we expect free cash flows will improve further, reaching about $13 million-$16 million, supported by continued profitability gains and marginal rate improvements in the latter half of the year. "However, we expect macroeconomic challenges will persist, keeping freight rates weak. ENC's gross profitability remains closely tied to prevailing freight rates because the company earns a fixed percentage of its agents' transportation revenues. Operating in the highly fragmented freight trucking industry, these agents have minimal pricing power and are currently operating at subdued levels amid prolonged trough level rates that have continued for over two years. We expect freight trucking rates will continue to be at these low levels over the near term, constrained by overcapacity and weak freight demand. The excess trucking capacity that entered the market during the post-pandemic freight demand surge has been slow to exit, prolonging the supply overhang. "At the same time, demand has contracted significantly from peak levels and remains under pressure due to trade policy uncertainty and the imposition of higher tariffs, which has led some shippers to postpone shipments. While ENC's volumes have been comparatively less affected --given its operations are concentrated near East Coast ports and trade-related disruptions have been more acute at West Coast gateways--overall freight demand remains subdued. Continued weakness in consumer sentiment and persistent inflation risks are likely to keep demand constrained, thereby limiting the potential for any near-term recovery in freight rates. Accordingly, we expect only marginal improvements in ENC's profitability over the near term. "Nonetheless, our outlook revision reflects that improving free cash flows and liquidity have moderated downside risks. Our previous estimates of free cash flow deficits were expected to affect the company's liquidity position. However, our revised forecast indicates free cash flows are no longer constraining ENC's liquidity in 2025. That being said, we think upcoming maturity of its revolving credit facility (RCF) entails some refinancing risk. ENC's $165 million revolving credit facility (currently undrawn) matures in August 2026 and will become current within a month (when we will stop recognizing it as a liquidity source). Although we do not expect the company would need to draw on this facility through our forecast period, we consider the RCF to be a significant source of liquidity. Inability to refinance the facility could leave ENC with lower headroom to fund potential cash flow shortfalls arising from a subdued financial performance or higher-than-expected working capital requirements. "However, we believe ENC's refinancing risk is somewhat mitigated by the recent improved financial performance, which includes a gradual improvement in its credit metrics and underpins the sustainability of its capital structure. Therefore, our revised view is based on the expectation that ENC will not face any significant difficulties in refinancing its asset-based lending (ABL) revolver facility. “The stable outlook reflects our expectation that ENC's profitability will improve in 2025 enabling it to achieve break-even reported free cash flow in 2025 and modestly positive free cash flows in 2026. We also anticipate the company will not face significant difficulties in refinancing its ABL revolver facility maturing in August 2026. "We could lower our ratings on ENC if its liquidity is constrained due to free cash flow generation falling materially short of our expectations; or if it is unable to timely refinance its ABL revolver facility, leading us to assess the company's capital structure as unsustainable." Although unlikely, S&P could raise its ratings on the company if its debt to EBITDA improves below 6.5x on a sustained basis. This could occur if: -- It can grow volumes further and benefits from freight trucking rates that improve faster and more strongly than S&P expects; or -- The company improves its profitability through increased operating efficiency or pricing. S&P would also need management to commit to maintaining these ratios before raising its rating. EVERSTREAM NETWORKS: Court Approves $384.6M Sale to Bluebird Fiber ------------------------------------------------------------------ Everstream announced on August 1, 2025, that it has received approval from the U.S. Bankruptcy Court for the Southern District of Texas for the sale of substantially all of its operations to Bluebird Fiber, a regional provider of fiber-based connectivity solutions for businesses. Following a robust auction process, Bluebird emerged as the winner with a prevailing bid of $384.6 million. "This approval sets the stage for an exciting new phase for Everstream under new ownership," Everstream CEO Ken Fitzpatrick said. "We are pleased that Bluebird's bid reflects the significant value and potential of our operations -- a testament to the strength of our fiber network and the deep expertise of our team. Our two businesses are highly complementary, underpinned by a shared commitment to speed and reliability, and this transaction will strengthen the combined company's ability to deliver world-class network solutions for years to come. As we move toward transaction completion, our priority will be to ensure a seamless experience for our valued customers and employees." "We are thrilled to achieve another key milestone as we work towards the combination of these two great companies. Everstream's quality fiber network and top-notch employees will mesh perfectly with our fiber network and team," Bluebird CEO Jason W. Adkins said. "The combination of Bluebird and Everstream will form one of the largest enterprise fiber businesses in the Midwest. We look forward to being able to carry traffic on our own fiber network across 11 adjacent states, all the way from Kansas to Ohio and Michigan, and all states in between." Completion of the sale to Bluebird is targeted by year end, subject to satisfaction of all closing conditions, including regulatory approvals. The sale does not include Everstream's Pennsylvania assets, which the Company previously announced are being wound down. Advisors Weil, Gotshal & Manges LLP is serving as legal advisor, Alvarez & Marsal North America, LLC is serving as restructuring advisor, Bank Street Group is serving as M&A advisor, PJT Partners LP is serving as investment banker, and Kekst CNC is serving as strategic communications advisor to the Company. Kirkland & Ellis LLP is serving as legal advisor, Leo Berwick is serving as financial due diligence and tax advisor, and TD Securities is serving as sole financial advisor to Bluebird. About Bluebird Fiber Bluebird Fiber is a communications infrastructure provider. Since 1999, Bluebird Fiber, headquartered in Missouri, has provided internet and transport services, via its fiber infrastructure, to Carriers and Enterprises across the Midwest. Bluebird operates more than 11,000 fiber route miles of high-speed broadband and fiber-optic connections with over 82,000 on-net and near-net buildings and 163 Points of Presence (PoP) sites spanning the Midwest, including the major cities of Chicago, St. Louis, Kansas City, Springfield (MO and IL), Tulsa, Peoria, Bloomington, Normal and the Quad Cities; in addition, Bluebird owns two data centers. To learn more, please visit bluebirdfiber.com and follow us on LinkedIn, Facebook and X. About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. EXELA TECHNOLOGIES: Advised by Latham & Watkins in XBA Acquisition ------------------------------------------------------------------ XBP Europe Holdings, Inc. (Nasdaq: XBP), a pan-European integrator of bills, payments, and related solutions and services, has finalized its acquisition of Exela Technologies BPA, LLC, a leading provider of business process automation solutions. The combined entity will operate under the new name XBP Global Holdings, Inc., reflecting its expanded global footprint and capabilities. This acquisition is expected to expand XBP Global's annual revenue to over $900 million, with a workforce of approximately 11,000 employees across 19 countries. The company now serves more than 2,500 clients, including over 60 Fortune 100 companies. Latham & Watkins LLP represented Exela BPA in connection with its chapter 11 process, exit financing and securitization facilities, and acquisition by XBP Europe Holdings, Inc., with a restructuring & special situations team led by New York partners Ray C. Schrock, Alexander Welch, and Hugh Murtagh, and counsel Adam Ravin, with associates Jon Weichselbaum, Thomas Fafara, Ata Nalbantoglu, Kevin Shang, Brian Herskowitz, Beau Parker, Richard Cantoral, Saadia Naeem, and Drew Carlson. Advice was also provided on litigation matters by New York partner Eric Leon and Boston partner Betsy Marks, with associate Kamali Houston; on finance matters by New York partner Marcela Ruenes and counsel Jonathan Wry, with associates Sam Wintergreen-Arthur, Lucila Dorado, and Youn Song and assistance from Ed Prevost; on capital markets matters by New York partner Benjamin Stern and counsel Gemma Mootoo Rajah and associates Jie Lin Nai and Jenny Ha; on mergers & acquisitions matters by Chicago partner Zachary Judd and counsel Ben Kaplan, with associate Meghan McDuff; on securitization matters by New York associate Maeve Chandler and Chicago associate Ananya Hindupur; and on tax matters by Chicago partner Joseph Kronsnoble, with associates Lukas Kutilek and Jay Khurana. About Exela Technologies Headquartered in Irving, Texas, Exela Technologies, Inc. -- http://www.exelatech.com/-- is a business process automation (BPA) company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. Exela Technologies Inc. and several other units sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90024) on March 3, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion. Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Timothy Alvin Davidson, II, Esq. at Andrews Kurth LLP. EXELA TECHNOLOGIES: Clearly Gottlieb Represents ETI in Chapter 11 ----------------------------------------------------------------- Cleary Gottlieb represented Exela Technologies Inc. (ETI) and two of its subsidiaries in the successful Chapter 11 restructuring of Exela Intermediate LLC and select affiliated debtors. At the time of filing, ETI was the sole shareholder of the debtor entities and their largest creditor and counterparty -- holding more than 30% of the debtors' outstanding secured bonds and providing key services under multiple contractual arrangements. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the Chapter 11 plan on June 23, 2025, overruling an objection from the U.S. Trustee regarding the plan's opt-out third-party releases. On July 24, the court denied the Official Committee of Unsecured Creditors' motion to block the plan's implementation, allowing the plan to go effective on July 29, 2025. Cleary advised the ETI entities on a broad range of legal matters throughout the restructuring, including bankruptcy, corporate governance, debt financing, securities, tax, and litigation. The firm led negotiations on the plan of reorganization, which resulted in ETI obtaining a 25–30% equity stake in XBP Europe Holdings Inc. -- an ETI affiliate that acquired the debtor companies under the confirmed plan. As part of the agreement, ETI and its affiliates received full releases in exchange for committing to fund certain potential future liabilities. About Exela Technologies Headquartered in Irving, Texas, Exela Technologies, Inc. -- http://www.exelatech.com/-- is a business process automation (BPA) company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. Exela Technologies Inc. and several other units sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90024) on March 3, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Timothy Alvin Davidson, II, Esq. at Andrews Kurth LLP. FCI SAND: Deadline for Panel Questionnaires Set for Aug. 11 ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of FCI Sand Operations LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4s9nnykn and return by email it to Susan Hersh and Erin Schmidt -- Susan.Hersh@usdoj.gov and Erin.Schmidt2@usdoj.gov. -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Monday, Aug. 11, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80481) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtor is represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FREEDOM MORTGAGE: S&P Rates $500MM Senior Unsecured Notes 'B' ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating and '4' recovery rating to Freedom Mortgage Holdings LLC's $500 million senior unsecured notes due 2033. The '4' recovery rating indicates its expectation of average (30%-50%; rounded estimate: 45%) recovery in a simulated default scenario. S&P expects the transaction to be leverage neutral. The company intends to use the net proceeds to refinance existing senior notes due 2026 and partially repay outstanding borrowings under the mortgage servicing right (MSR) position of its KeyBank credit facility, which had an outstanding balance of about $52 million as of March 31, 2025. S&P said, "In our view, the transaction doesn't affect the company's credit quality, and our issuer credit rating on Freedom (B/Stable/--) is unchanged. The stable rating outlook on Freedom reflects our expectation that the company will maintain debt to EBITDA below 5x, debt to tangible equity below 2x, and EBITDA interest coverage above 2x. We also expect the company will continue to maintain its servicing book organically and through purchases, while maintaining sufficient liquidity." Issue Ratings--Recovery Analysis Key analytical factors -- S&P' simulated default scenario contemplates a default in 2028 due to a rapid decline in MSR valuations. Financial strain could also arise from regulatory changes or operational issues. -- As the company approaches default in our scenario, S&P assumes its assets will shrink as it sells MSRs for additional liquidity to fund operations. -- Ultimately, S&P assumes the company would breach the advance rates on its secured funding facilities, leading to covenant violations that activate cross-acceleration provisions, allowing unsecured creditors to submit a claim for excess collateral after selling MSR assets pledged as collateral for priority claims. -- In such a default scenario, S&P thinks creditors would liquidate the company's assets. The challenge of selling assets when the company is distressed incurs an additional realization factor, or discount. Simulated default assumptions -- High delinquency rates leading to depressed MSR valuations. -- A sustained period of rapid amortization of MSRs with limited ability to refinance the repayments. -- Limited new originations, an increase in borrower delinquencies, and an increase in the discount rate to value MSRs. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $7.7 billion -- Collateral value available to secured debt: $7.7 billion. -- Total first-lien debt at default: $5.4 billion -- Collateral value available to senior unsecured note claims: $2.3 billion -- Total unsecured debt at default: $5.1 billion --Recovery expectations: 45% ('4') Note: All debt amounts include six months of prepetition interest. FTX TRADING: Binance Ex-CEO Wants to Exit from $1.76B Clawback Suit ------------------------------------------------------------------- Sydney Price of Law360 reports that former Binance CEO Changpeng Zhao urged a Delaware bankruptcy judge to remove him from a $1.76 billion clawback lawsuit brought by FTX's bankruptcy estate, arguing that the disputed transaction occurred outside the court's jurisdiction and should not be subject to recovery. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENESIS HEALTHCARE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee members are: 1. Debra F. Constantine Individually and as Administratrix of the Estate of Mary E. Miller c/o Joshua H. Meyeroff, Esq. Morris James LLP 500 Delaware, Ave. Ste. 1500 Wilmington, DE 19801 jmeyerhoff@morrisjames.com 2. Tanya Turner Class Representative c/o Misty M. Lauby Lauby, Mankin & Lauby LLP 5198 Arlington Ave, PMB 5132 Riverside, CA 92504 misty@lmlfirm.com 3. Mark Adkins Durable Power of Attorney for Juanita Spurlock c/o Steven R. Broadwater, Jr. Stewart Bell, PLLC 30 Capitol St. P.O. Box 1723 Charleston, WV 25326 srbroadwater@belllaw.com 4. Ignacio Garcia Individually and as Personal Representative of Estate of Frances Lupasita Serna c/o David Adams Parnall and Adams Law, LLC 2116 Vista Oeste NW, Suite 403 Albuquerque, NM 87120 david@parnalladams.com 5. Joshua Perlin Vice President and Chief Financial Officer Omnicare, LLC 6285 West Galveston St. #3 Chandler, AZ 85226 joshua.perlin@omnicare.com 6. Silvana Stankus Executive Director New England Healthcare Employees Pension Fund 77 Huyshope Avenue, 2nd Floor Hartford, CT 06106 sstankus@1199nefunds.org 7. Peter Nenstiel Senior Vice President Financial Services Healthcare Services Group, Inc. 3220 Tillman Drive, Suite 300 Bensalem, PA 19020 pnenstiel@hcgcorp.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 E-mail: tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 E-mail: jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 E-mail: rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 E-mail: laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 E-mail: ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 E-mail: james.muenker@us.dlapiper.com GREATER LIFE: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: Greater Life Church d/b/a Greater Life Christian Church 5095 Lansing Drive Winston Salem, NC 27105 Business Description: Greater Life Church operated as a Christian congregation located in Winston-Salem, North Carolina. It provided worship services and religious programs at 5095 Lansing Drive. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02972 Judge: Hon. David M Warren Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-890-0356 E-mail: jfrost@bbflawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Mark L. Spell, Sr. signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OTDWK4Y/Greater_Life_Church__ncebke-25-02972__0001.0.pdf?mcid=tGE4TAMA HOWARD MIDSTREAM: S&P Rates New Senior Unsecured Notes 'BB-' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to Howard Midstream Energy Partners LLC's (HEP) proposed $600 million senior unsecured notes. The company plans to use the proceeds from the new $600 million notes to repay the existing $550 million senior unsecured notes due 2028, with the remainder used to repay outstanding borrowings under its revolving credit facility. S&P considers the transaction to be leverage neutral, and therefore the transaction does not affect its overall view of credit quality at HEP. S&P said, "At the same time, we raised the issue-level rating on the existing $600 million senior unsecured notes due 2032 to 'BB-' from 'B+', with a recovery rating of '4'. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a default. We raised our rating on the senior unsecured debt to reflect our reassessment of the company's valuation in a hypothetical default scenario following its track record of growth over the past few years due to asset acquisitions and various growth projects." HEP is a midstream energy company that owns and operates natural gas and crude oil gathering and transportation pipelines, natural gas processing plants, liquid storage terminals, and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania, and Mexico. It is owned and operated, in part, by affiliates of AIMCO (91%), as well as its management and private investors (9%). S&P's 'BB-' issuer credit rating and stable outlook on the company are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- S&P said, "Our simulated default scenario assumes a default occurring in 2029 following a prolonged period of weak commodity prices, leading to a decline in drilling activity in the South Texas and the Marcellus regions. This results in reduced volume flow throughout its footprint and subsequently, reduced revenue and cash flow. To value the company, we applied a 7x multiple to our estimated post-default emergence EBITDA of about $221 million. Our valuation suggests a gross enterprise value of about $1.5 billion." -- S&P assumes the $1.0 billion RCF is 85% drawn at default. The 85% draw reflects our assumption that in a hypothetical default scenario, the company has used revolver capacity for an acquisition or large growth project. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $200 million -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.33 billion -- Senior secured debt: $882 million --Recovery expectations: Not applicable -- Collateral value available to unsecured creditors: $445 million -- Senior unsecured notes: $1.25 million --Recovery expectations: 30%-50% (rounded estimate: 35%) Note: All debt amounts include six months of prepetition interest. HYPERSCALE DATA: To Raise $100M via Pref. Stock Sale to Ault & Co. ------------------------------------------------------------------ Hyperscale Data, Inc., agreed to sell up to $100 million in Series H Convertible Preferred Stock to Ault & Company, Inc., a related party, under a Securities Purchase Agreement. The Series H shares will rank senior to all other preferred stock except Series C and Series G, with which they are on par, and will also rank senior to both Class A and Class B common stock. Each Preferred Share will have a stated value of $1,000.00 per share and, upon stockholder approval, will be convertible at the holder's option into shares of Common Stock at a conversion price equal to the greater of (i) $0.10 per share, which Floor Price shall not, except for voting rights purposes, be adjusted for stock dividends, stock splits, stock combinations and other similar transactions and (ii) the lesser of (A) $0.79645, or (B) a 5% premium to the volume weighted average price during the five trading days immediately prior to the date of conversion. The Conversion Price will be subject to standard anti-dilution provisions in connection with any stock split, stock dividend, subdivision or similar reclassification of the Common Stock. The Preferred Shares also have "full ratchet" price protection in the event the Company should issue securities at a lower price than the Conversion Price. The Preferred Shares will pay a dividend at an annual rate of 9.5%, which the Company may, during the first two years, pay in shares of Class A Common Stock. The proceeds from the Financing will be used for expansion of the MI data center to support infrastructure upgrades necessary to support the growing demands of high-performance computing services powering Artificial Intelligence solutions, repayment of outstanding indebtedness and general working capital purposes. "The conversion price of the Preferred Shares is higher than the current market price. That A&C is willing to invest an additional up to $100 million, beyond the approximately $51 million that A&C has already invested in the Company in shares of two virtually identical series of preferred stock, except that no warrants will be issued in connection with the Financing, on those terms should be a clear indicator of our belief that the market has been undervaluing the Company, which I've been highlighting for years. This transaction is more than a number -- it's a declaration of my steadfast confidence in our data centers, the crane company, the lending firm, and the exceptional portfolio companies we've nurtured over the past seven years. Each is a vital component of our collective success," said Milton "Todd" Ault III, Executive Chairman of Hyperscale Data and Chairman & CEO of Ault & Company, Inc. The Agreement provides for several closings through Dec. 31, 2026, though such dates may be extended by A&C as set forth in the Agreement. The consummation of the transactions contemplated by the Agreement, specifically the conversion of the Preferred Shares in an aggregate number in excess of 19.99% on the execution date of the Agreement, are subject to various customary closing conditions as well as regulatory and stockholder approval. In addition to customary closing conditions, the closing of the Financing is also conditioned upon the receipt by A&C of financing to consummate the transaction. The Preferred Shares will be issued pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. About Hyperscale Data, Inc. Hyperscale Data, Inc. owns and operates data centers through its wholly owned subsidiary Sentinum, Inc., providing digital asset mining, colocation, and hosting services for artificial intelligence and other industries. Through Ault Capital Group, Inc., also a wholly owned subsidiary, the Company is engaged in diverse operations including software, gaming, equipment rental, defense, industrial, automotive, medical, and hospitality. It also provides private credit and structured finance services via a licensed lending unit. The company is headquartered in Las Vegas, Nevada. In an auditor's report dated April 15, 2025, Marcum LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Hyperscale Data reported a net loss of $62.54 million for the year ended Dec. 31, 2024, compared to a net loss of $253.27 million for the year ended Dec. 31, 2023. As of March 31, 2025, the Company had cash and cash equivalents of $4.2 million (excluding restricted cash of $20.4 million), negative working capital of $149.1 million and a history of net operating losses. The Company has financed its operations principally through issuances of convertible debt, promissory notes and equity securities. Management does not expect the Company's cash, cash equivalents, accounts receivable and marketable securities as of March 31, 2025, to be sufficient to fund operations for 12 months from May 20, 2025. The Company plans to seek additional capital through private or public sales of equity or debt, the sale of its crypto assets, or a combination of these. While management believes such funding sources may be available, there is no assurance the Company can secure financing when needed or on acceptable terms. Failure to raise sufficient capital in a timely manner could force the Company to curtail or cease operations. INNOVATE CORP: S&P Downgrades ICR to 'SD' on Distressed Exchange ---------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Innovate Corp to 'SD' (selective default) from 'CC' and its issue rating on the 8.5% senior secured notes due 2026 to 'D' (default) from 'CC'. S&P does not assign outlooks to default ratings. S&P said, "The downgrade follows Innovate's completion of a debt exchange that we view as distressed. We consider this transaction distressed based on our view that it offers debtholders less value than originally promised. Moreover, we believe that if the debt restructuring hadn't happened, there would be a realistic possibility of a conventional default over the near to medium term given the company's weak operating performance and limited liquidity." Innovate's newly exchanged 10.5%, $360.3 million senior secured notes due 2027 will pay interest in kind (PIK) for the two payments in August 2025 (already completed, in the form of the higher exchange consideration) and February 2026 and pay cash interest for the two payments in August 2026 and February 2027. Following the transaction, only $1.9 million of the existing February 2026 notes remain outstanding. S&P said, "In our view, lenders will receive less than originally promised, because the debt maturity is being extended. Moreover, while the new notes offer 2% higher interest and an additional exchange premium, the timing of interest payments is being slowed, since they will be paid in kind for a year. We also believe the rates are below what the company would be required to pay for new capital under current market conditions." In addition to the exchange offer on its senior secured notes, Innovate also completed other exchanges and debt maturity extensions, most of which will also pay interest in kind for the first period, while all subsequent interest payments are payable in cash. In total, 81.7% of the company's total outstanding debt as of June 30, 2025, was exchanged or amended for instruments with longer maturities. S&P said, "We expect to reevaluate our issuer credit and issue ratings on Innovate and its debt over the next week. We believe the notes exchange and other refinancing transactions have improved the company's liquidity for the next 12 months. Nevertheless, we continue to view Innovate's capital structure as unsustainable, and its longer-term liquidity position remains uncertain. We expect to review and raise the ratings on Innovate in the coming days, likely to the 'CCC' category, based on its new capital structure and our expectations for the company." INTERNATIONAL DIRECTIONAL: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of International Directional Drilling, Inc., according to court dockets. About International Directional Drilling International Directional Drilling, Inc. is a company specializing in directional drilling services that provides specialized drilling services for oil and gas exploration, utility installation, or other underground infrastructure projects where non-vertical well drilling techniques are required. International Directional Drilling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606) on July 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad T. Van Horn, Esq. KIMBERLY-CLARK CORP: Court Dismisses 'Forever Chemicals' Class Suit ------------------------------------------------------------------- Kenneth H. Ryesky, writing for Wolters Kluwer, reports that court finds safety concerns to be separate and apart from a product's central functionality, but can be alleged as fraud by omission under an unreasonable safety hazard theory. A federal district court judge in San Francisco, California has dismissed a putative class action lawsuit against Kimberly-Clark alleging toxic chemicals in Huggies brand baby wipes. The court found that the complaint did not plausibly plead fraud under the California consumer protection statutes, and also found the complaint deficient in pleading a duty to disclose the allegedly omitted information. The unjust enrichment claim was dismissed as duplicative, and the breach of express warranty claim was insufficiently alleged. The court dismissed the entire complaint, while giving the plaintiffs leave to replead all claims (Erickson v. Kimberly-Clark Corp., No. 3:24-cv-07032-AMO (N.D. Cal. July 28, 2025)). Background. Polyfluoroalkyl and perfluoroalkyl substances (collectively, PFAS) are a class of synthetic organofluorine chemical compounds that have been scientifically demonstrated to correlate with ill health effects in humans and animals. PFAS are often referred to as "forever chemicals" because they decompose slowly if at all, and are not readily excreted from the body. The Kimberly-Clark Corporation (K-C) produces and markets the Huggies(R) brand line of baby and childcare products, including Huggies® Simply Clean® fragrance-free baby wipes, whose packaging and labeling characterizes the product using terms such as "Hypoallergenic," "Dermatologically Tested," "Alcohol Free," and "Paraben Free," and being formulated with "gentle ingredients." Two California resident individuals each purchased this product online and/or in brick-and-mortar stores. A sample of that product was tested by an accredited testing laboratory. Laboratory test results found a PFAS content level of 305 parts per trillion. The EPA had issued a health advisory level for PFAS compounds perfluorooctanoic acid (PFOA) at four parts per quadrillion, and perfluorooctanesulfonate (PFOS) at 20 parts per quadrillion. The two California individuals filed a putative class action complaint against K-C, alleging that K-C "omitted and concealed that the Product contains—or risks containing—dangerous levels of PFAS." The complaint asserted counts based upon (1) California’s Consumer Legal Remedies Act (CLRA) [Cal. Civ. Code Sec. 1770]; (2) California Unfair Competition Law (UCL) [Cal. Bus. & Prof. Code Sec. 17200 et seq.]; (3) California False Advertising Law (FAL) [Cal. Bus. & Prof. Code Sec. 17500]; (4) breach of express warranty; and (5) unjust enrichment. K-C moved to dismiss the complaint for failure to state a claim upon which relief may be granted [Fed. R. Civ. P. 12(b)(6)]. Fraud claims-misrepresentation. The judge granted K-C's motion to dismiss the claims of fraud through misrepresentation. As is common in California court adjudications, the CLRA, FAL, and the fraud prong of the UCL were analyzed together because claims under each of these statutes must show that members of the public who are reasonable consumers would likely be deceived. Here, the plaintiffs contended that the term "plant-based" on the packaging and on K-C's Internet website would lead a reasonable consumer to believe that the product does not contain PFAS or other chemicals that are harmful to babies. The product page, however, qualified the term "plant-based*" with an asterisk indicating "70% + by weight." A reasonable consumer would not be led by this qualifying language to believe that the product contains zero non-natural ingredients. Moreover, if, as alleged, the packaging statements are deceptive when considered together with one another, the complaint did not specify the particulars required under the enhanced pleading standard for fraud [Fed. R. Civ. P. 9(b)]. Fraud claims-omission. The court granted K-C's motion to dismiss the claims of omission-based fraud. No facts are alleged in the complaint from which a reasonable consumer could infer toxicity in the baby wipes product. The EPA's health advisories for PFOA and PFOS were specifically for drinking water, and not for products of external application such as baby wipes. None of the omission claims set forth in the complaint were "contrary to a representation actually made by" K-C. Additionally, the complaint did not plausibly plead that K-C had any duty to disclose any of the allegedly omitted information. The alleged presence of PFAS in the baby wipes was a safety concern that did not affect the "central functionality" of the product. The complaint's unjust enrichment claim was duplicative of the fraud-based claims, and accordingly dismissed as well. The Case is No. 3:24-cv-07032-AMO. Judge: Olguin, A. Attorneys: Joshua B. Glatt (Bursor & Fisher P.A.) for Bridget Erickson. Timothy William Loose (Gibson, Dunn & Crutcher LLP) for Kimberly-Clark Corp. Companies: Kimberly-Clark Corp. Cases: Advertising StateUnfairTradePractices CaliforniaNews [GN] KLARVIO LLC: Seeks Subchapter V Bankruptcy in Texas --------------------------------------------------- On July 31, 2025, Klarvio LLC filed Chapter 11 protection in the Western District of Texas. According to court filing, the Debtor reports $1,186,915 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Klarvio LLC Klarvio LLC is a boutique certified public accounting firm that provides small businesses with tax planning and preparation, bookkeeping and accounting, and strategic advisory services. The firm incorporates modern technology to streamline financial processes and tailor its guidance to each client's needs. Klarvio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. ) on July 2, 2025. In its petition, the Debtor reports total assets of $115,457 and total debts of $1,186,915. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Robert C. Lane, Esq. at THE LANE LAW FIRM. LBM ACQUISITION: Fitch Alters Outlook on 'B' LongTerm IDR to Neg. ----------------------------------------------------------------- Fitch Ratings has assigned a 'B' rating with a Recovery Rating of 'RR4' to LBM Acquisition, LLC's (LBM) proposed offering of first lien senior secured term loan B (TL B) and senior secured notes due 2031. Proceeds will refinance the existing TL B and Holdco payment-in-kind (PIK) notes, both due 2027 and pay down ABL borrowings. Fitch affirmed LBM's Long-Term Issuer Default Rating (IDR) at 'B', revised the Rating Outlook to Negative from Stable and upgraded BCPE Ulysses Intermediate, Inc. (BCPE) IDR to 'B' from 'B-', with a Negative Outlook. BCPE's IDR upgrade reflects repayment of Holdco PIK Notes, aligning consolidated leverage with LBM's standalone leverage. Additionally, Fitch affirmed the rating on the company's ABL facility at 'BB'/'RR1', existing TL B at 'B'/'RR4', and senior unsecured notes at 'CCC+'/'RR6'. The Negative Outlook reflects Fitch's expectation that credit metrics will remain weak over the intermediate term, increasing the risk of downgrade absent significant financial improvement. Key Rating Drivers Elevated Leverage: Fitch-calculated consolidated EBITDA leverage was 7.8x (including BCPE's PIK notes) for the LTM ended March 31, 2025. Fitch projects leverage will increase to around 8.5x by YE 2025, reflecting lower volumes and margins in a weaker demand environment, and to decline around 7.0x by YE 2026, supported by margin improvement and SG&A cost optimization. Fitch expects LBM's EBITDA leverage will be outside Fitch's negative rating sensitivity of 6.5x through at least the end of 2026, before declining in 2027. Absent a meaningful improvement in operating performance, deleveraging is likely to remain constrained. Additionally, significant declines in EBITDA margins or a sharp, sustained drop in lumber prices could result in elevated leverage levels, which could lead to a downgrade of the IDR. Subdued Demand Environment: Fitch expects demand weakness as new residential and commercial construction activity remain challenged amid uncertain tariff policies and higher interest rates. New housing activity is projected to remain slightly negative in 2025, with single-family starts down by mid-single digits and multifamily starts up by double digits; however, ongoing affordability issues will continue to constrain overall housing demand. Fitch's rating case assumes a high single-digit organic revenue decline this year, with lumber prices averaging $400-$450 per thousand board feet. The forecast projects organic revenues will rise 1%-3% in 2026 as construction activity improves. Relatively Low but Resilient Margins: Fitch expects EBITDA margins to settle between 7% and 8% in 2025, which is below the previous expectation of 8%-9% and the 8.8% margin achieved in 2024. The downward revision in EBITDA margin expectations reflects a more pronounced demand weakness, resulting in lower operating leverage from reduced volumes. LBM's high variable cost structure and ability to manage working capital should help preserve positive FCF and liquidity through a modest construction downturn. Highly Cyclical End Markets: The majority of LBM's sales are highly cyclical end markets, and its substantial exposure to new construction negatively weighs on the credit profile. LBM estimates that about 68% of 2024 sales were to new home construction and 12% to commercial new construction and other end markets. The remaining 20% of sales were to the repair and remodel end markets, which Fitch views as less cyclical than new construction. Fitch expects the company's high exposure to the new residential construction and lumber sales to result in more volatile earnings and credit metrics. Aggressive Capital Allocation: Fitch expects ownership under Bain Capital and Platinum Equity to manage LBM's balance sheet aggressively through further debt-financed acquisitions and occasional shareholder distributions. Fitch expects LBM to continue consolidating the building products distribution sector during the rating horizon. Fitch believes ownership has a high leverage tolerance, including debt-financed acquisitions. The company previously made $650 million in shareholder distributions in 2022 and $500 million in 2023. However, LBM has not made any distributions in 2024, and Fitch does not expect meaningful distributions in 2025. Commodity Deflation, Earnings Decline: LBM's revenues and EBITDA margins have exposure to lumber prices, as wood products account for 25% of sales and contribute lower gross margins compared to specialty products. Revenues from wood products are sensitive to lumber prices fluctuations, with period of deflation leading to lower overall gross profit, while period of inflation provide opportunity for higher overall gross profit. Broad Product Offering: LBM offers a comprehensive range of products including, structural, interior and exterior products. LBM also offers installation services and light manufacturing, positioning itself as a one-stop shop for residential and commercial construction needs. This broad product breadth provides LBM a competitive advantage over smaller distributors and diversifies its supplier base. Competitive Position: LBM has strengthened its competitive position in the pro building products sector in recent years. Fitch estimates LBM is among the largest pro building products distributors in the U.S. by revenue. However, LBM's competitive position is weaker than investment-grade building product manufacturer peers, due to the highly fragmented nature of the distribution industry and its exposure to commoditized product offerings. Parent and Subsidiary Linkage: Fitch considers LBM to have a stronger credit profile than its parent BCPE, due to LBM's unrestricted access to operating cash flows. BCPE, the issuer of the financial statements, has no operations, has qualified access to cash flows, and no debt with Holdco PIK note repayment. By following the 'Stronger Subsidiary Path', Fitch categorizes 'legal ring fencing' and 'access & control' as 'porous'. Fitch assesses LBM's standalone and consolidated credit profiles at a 'b' rating level, with leverage levels appropriate for this rating. Therefore, no upward notching applies to LBM and both BCPE and LBM are rated 'b'. Peer Analysis LBM's scale is a credit strength relative to other 'B' category building products distributor and manufacturer peers, such as Park River Holdings, Inc. (B-/Stable), Doman Building Materials Group Ltd. (Doman; B+/Stable) and Chariot Buyer LLC (dba Chamberlain Group; B-/Stable). LBM has meaningfully weaker profitability metrics than Chamberlain Group and has similar leverage. LBM's margins are slightly lower than Park River but with similar leverage. Doman has lower margins but significantly lower leverage than LBM. LBM is more exposed cyclical new construction market relative to these peers. Overall financial flexibility among these peers is comparable, with no material debt maturities in the near- to intermediate-term. LBM's 'B' IDR reflects its strong market position within the building products distribution sector and positive operating cashflow, partially offset by a weaker competitive position and operating margins relative to higher-rated products manufacturers. Key Assumptions - Organic revenue decreases by high-single digits in 2025 and increase by low single digits in 2026; - EBITDA margins between 7.0% and 8.0% in 2025 and between 8.0% and 9.0% in 2026; - EBITDA leverage is around 8.0x to 9.0x in 2025 and 6.5x to 7.5x in 2026; - Capex of 1.0% to 1.5% of revenues in 2025 and 1.5% to 2.0% in 2026; - FCF margin between 1.5% and 2.5% in 2025 and 2026; - $125 million in acquisitions in 2025, with no incremental acquisitions during the second half of 2025 and minimal acquisitions in 2026; - No shareholder distributions in 2025 and 2026; - Average secured overnight financing rate (SOFR) of 4.25% in 2025 and 3.75% in 2026. Recovery Analysis The recovery analysis assumes that LBM would be considered a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and a 3% concession payment from LBM's secured lenders to LBM's unsecured bondholders in the analysis. Fitch's GC EBITDA estimate of $500 million estimates a post-restructuring sustainable EBITDA. The GC EBITDA is based on Fitch's assumption that distress would result from a weakening housing market combined with sustained competitive pressures, and poor operating performance. Fitch estimates that annual revenues to be about 15% below pro forma 2024 levels, and a Fitch-adjusted EBITDA margins around 7.5% to 8.0%, reflecting the company's lower revenue base after emerging from a housing downturn and a sustainable margin profile post right-sizing. This results in Fitch's $500 million GC EBITDA assumption. Fitch applies a 6.0x GC EBITDA multiple to calculate the enterprise value (EV) in a recovery scenario. This multiple is comparable to that used for Park River Holdings, Inc., which has higher margins, but is considerably smaller than LBM. The 6.0x multiple is higher than the 5.5x multiple utilized for New AMI I, LLC (B/Stable) and Doman Building Products Group (B+/Stable), both of which are smaller in scale and have narrower product offerings than LBM. Conversely, LBM's GC EBITDA multiple is lower than Chamberlain Group's at 6.5x, reflecting Chamberlain's leading market position and meaningfully stronger profitability metrics through the cycle compared to LBM. In a recovery scenario, Fitch assumes that the borrowing base under the company's $1.75 billion ABL revolver would shrink as inventory and receivable balances decline due to lower revenue and EBITDA. Fitch estimates that the ABL revolver would have $1.2 billion outstanding at recovery, accounting for potential reductions in the borrowing base resulting from deflating lumber prices and reduced volumes. This revolver would hold prior-ranking claims over the senior secured term loan B in the recovery analysis. The analysis results in a Recovery Rating of 'RR1' for the $1.75 billion ABL and 'RR4' for LBM's $3.6 billion of first-lien debt, which includes the proposed term loan B and senior secured notes. LBM's unsecured debt receive recoveries corresponding to an 'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that consolidated EBITDA leverage will be sustained above 6.5x; - (CFO-capex)/debt consistently below 4%; - Escalation of shareholder friendly activity; this may include additional debt at the holdco, such that Fitch deems the probability of default materially increasing at LBM, or dividends decisions at LBM aimed at supporting the holdco; - EBITDA interest coverage falls below 2.0x; - Fitch's expectation that FCF will approach neutral to negative. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to revise the Outlook to Stable if the consolidated EBITDA leverage approaches 6.5x; - Fitch's expectation that consolidated EBITDA leverage will be sustained below 5.0x; - (CFO-capex)/debt consistently above 7%; - The company lowers its end-market exposure to the new home construction market to less than 50% of sales in order to reduce earnings cyclicality and credit metric volatility through the housing cycle; - LBM maintains a strong liquidity position, with no material short-term debt obligations. Liquidity and Debt Structure LBM had $34.2 million of cash as of March 31, 2025, and about $682.2 million of borrowing availability under its $1.75 billion ABL facility with a $100 million tranche maturing in May 2027 and the remaining balance in June 2029. The company's near-term debt maturities are limited to 1% term loan amortization per year until due in June 2031. The company's interest rate hedging allows it to manage EBITDA interest coverage levels over the intermediate-term, which Fitch anticipates being an elevated interest rate environment. Fitch expects EBITDA interest coverage will be sustained between 1.5x-2.5x over the intermediate-term. Issuer Profile LBM is one of the largest U.S. pro building products distributors by annual revenues in the highly fragmented distribution industry. The company offers a broad suite of product offerings to homebuilders, commercial construction customers, and repair and remodel professionals. Summary of Financial Adjustments Fitch adds back nonrecurring transaction expenses, stock-based compensation and inventory step-up charges to Fitch-adjusted EBITDA. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- LBM Acquisition, LLC LT IDR B Affirmed B senior secured LT B New Rating RR4 senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB Affirmed RR1 BB senior secured LT B Affirmed RR4 B BCPE Ulysses Intermediate, Inc. LT IDR B Upgrade B- LIFESCAN GLOBAL: Davis Polk & Norton Rose Represent Ad Hoc Group ---------------------------------------------------------------- The law firms of Davis Polk & Wardwell LLP and Norton Rose Fulbright US LLP ("NRF") filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of LifeScan Global Corporation and affiliates, the firms represent the Ad Hoc Group. In or around December 2022, the Ad Hoc Group engaged Davis Polk to represent it in connection with the Members' holdings of indebtedness of the Debtors. In or around June 2025, the Ad Hoc Group engaged NRF to act as co-counsel in the Chapter 11 Cases. Counsel represents only the Ad Hoc Group and does not represent or purport to represent any entities other than the Ad Hoc Group in connection with the Chapter 11 Cases. In addition, the Ad Hoc Group does not claim or purport to represent any other entity and undertakes no duties or obligations to any entity. The Members, collectively, beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately (i) $317 million in aggregate principal amount of First Lien Loans and (ii) $200 million in aggregate principal amount of Second Lien Term Loans. Counsel does not hold any claim against, or interests in, the Debtors or their estates, other than claims for fees and expenses incurred in representing the Ad Hoc Group. Davis Polk's address is 450 Lexington Avenue, New York, New York 10017. NRF's address is 1550 Lamar Street, Suite 2000, Houston, Texas 77010. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by BRIGADE CAPITAL MANAGEMENT, LP, or a subsidiary or an affiliate thereof 399 Park Avenue, 16th Floor New York, NY 10022 * $217,985,787 in aggregate principal amount of First Lien Term Loans * $14,094,400 in aggregate principal amount of Second Lien Term Loans 2. CANYON CAPITAL ADVISORS LLC and CANYON CLO ADVISORS L.P., each on behalf of its participating clients 2728 N. Hardwood St., 2nd Fl. Dallas, TX 75201 * $44,069,164 in aggregate principal amount of First Lien Term Loans * $185,805,600 in aggregate principal amount of Second Lien Term Loans 3. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by FS INVESTMENTS, or a subsidiary or an affiliate thereof 201 Rouse Boulevard, Philadelphia, PA 19112 * $40,540,682 in aggregate principal amount of First Lien Term Loans 4. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by SOUND POINT CAPITAL MANAGEMENT, LP, or a subsidiary or an affiliate thereof 375 Park Avenue, 34th Floor New York, NY 10152 * $13,972,500 in aggregate principal amount of First Lien Term Loans Counsel for the Ad Hoc Group: Jason L. Boland, Esq. Robert B. Bruner, Esq. Julie Harrison, Esq. NORTON ROSE FULBRIGHT US LLP 1550 Lamar Street Suite 2000 Houston, Texas 77010 Telephone: (713) 651-3769 E-mail: jason.boland@nortonrosefulbright.com E-mail: bob.bruner@nortonrosefulbright.com E-mail: julie.harrison@nortonrosefulbright.com Damian S. Schaible, Esq. Michael Pera, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 Facsimile: (212) 701-5800 E-mail: damian.schaible@davispolk.com E-mail: michael.pera@davispolk.com About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Megan Young-John and John F Higgins, IV at Porter Hedges LLP, represent the Debtor as legal counsel. LINDBLAD EXPEDITIONS: S&P Raises ICR to 'B' on Strong Performance ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based expedition cruise and land-based adventure travel provider Lindblad Expeditions Holdings Inc. to 'B' from 'B-'. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $650 million senior secured notes. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. "The stable outlook reflects our expectation that Lindblad's forward bookings will support further occupancy recovery, driving EBITDA and cash flow growth and continued deleveraging to the mid-5x area in 2025. "The upgrade reflects our expectation that Lindblad's forward bookings, ongoing occupancy recovery toward pre-pandemic levels, and EBITDA contribution from recent acquisitions in its land-based portfolio will reduce leverage to the mid-5x area this year. Lindblad's net yields grew 13% in the second quarter of 2025, and occupancy improved to 86% from 78%. Despite some choppiness in April following the initial U.S. tariff announcements, momentum has remained strong, with 2025 and 2026 bookings outpacing those of previous years. As a result, management raised its full-year 2025 revenue and EBITDA guidance and reaffirmed its target of occupancy recovery to above 90% in 2026. We also expect incremental revenue and EBITDA contributions from its new Galapagos ships and the acquisition of Wineland-Thomson Adventures, driving total revenue growth of 15%-17% and S&P Global Ratings-adjusted EBITDA of $130 million-$135 million in 2025. We expect that material margin improvement from increasing net yields and economies of scale as occupancy recovers will be partly offset by a boost in marketing spending as part of the company's expanded partnership with National Geographic. We believe this could be a significant expense over time because there will be incremental step-ups in royalty payments to National Geographic and Disney in 2026 and beyond. "Nevertheless, as a result of Lindblad's strong forward bookings, which provide high revenue and cash-flow visibility, we now expect leverage will decline to the mid-5x area in 2025 and further improve to the low-5x area in 2026 from approximately 7x at the end of 2024. This supports the upgrade and provides a good cushion relative to our 6.5x leverage downgrade threshold for Lindblad at the 'B' rating." Lindblad is issuing $650 million in senior secured notes due 2030 and will use the proceeds, along with cash from the balance sheet, to repay its existing secured notes due 2027 and 2028. In conjunction with the transaction, Lindblad is upsizing its revolver to $60 million and extending its maturity to 2030. The proposed transaction is largely debt-for-debt and therefore leverage neutral. However, it improves the company's maturity profile, and the upsized revolver will increase its liquidity. Macroeconomic risks could impair Lindblad's cash-flow recovery. S&P Global economists expect the U.S. economy's resilience to wane in the second half of this year, when growth slips below trend and the unemployment rate rises. Real GDP growth looks set to slow through year-end as relatively high interest rates continue to weigh on residential and nonresidential investment. In addition, there's been a pullback in commercial and consumer spending amid policy uncertainty. If economic conditions weaken, demand for cruise bookings could decline due to stock market volatility hurting its affluent target customer demographic, leading them to reduce their discretionary spending on travel. This could slow leverage improvement following years of very depressed cash flow and extraordinarily high leverage, especially if costs remain elevated because of sticky inflation. In addition, an escalation in geopolitical conflicts could lead to increased cancellations for some itineraries if consumers avoid traveling to affected regions. Given Lindblad's small scale and limited geographic diversity, elevated cancellations from regional conflicts can affect its operating performance more significantly than that of larger, more-diversified peers in the cruise industry. Still, Lindblad's long booking window provides good revenue visibility, and its more affluent customers might be less affected by a weaker macroeconomic backdrop than other customer segments. Lindblad's niche product offering in the adventure cruise segment results in a relatively small addressable customer base, but during a recession, its brand concentration with National Geographic and small scale (in terms of ships and itineraries) might be less vulnerable to price discounting and generate higher net yields than other cruise operators. S&P said, "Financial policy decisions, including leveraging acquisitions, pose risks to our base case, though we expect Lindblad will be prudent. The company has sufficient liquidity, with an unrestricted cash balance--pro forma for the proposed refinancing--of about $188 million and full availability under its proposed $60 million revolving credit facility. Nevertheless, we expect the company will continue to use excess cash to purchase ships to expand its fleet and make acquisitions that diversify its land-based offerings. In 2024, Lindblad acquired Wineland-Thomson Adventures for $30.0 million, consisting of $24.0 million in cash and $6.0 million in Lindblad common stock. More recently, in January 2025, the company acquired Torcatt Enterprises Limitada, a holding company that operates two vessels in the Galapagos Islands, for $16.0 million in cash. "Although Lindblad has a demonstrated track record of integrating tuck-in acquisitions, we believe the company could use leverage if there's a suitable acquisition opportunity. In addition, the expansion opportunities from the extended partnership with National Geographic could incentivize Lindblad to increase capacity with newer and larger ships over the next several years, which could be funded with additional debt, potentially resulting in increased leverage and limiting ratings upside. "The stable outlook reflects our expectation that continued recovery in revenue, EBITDA, and cash flow based on Lindblad's forward bookings will support leverage declining to the mid-5x area by the end of 2025 and to the low-5x area in 2026. "We could lower the rating if operating performance is weaker than we expect, such that leverage increases above 6.5x. This could result from a material pullback in consumer spending and demand for cruising due to a macroeconomic slowdown. A downgrade could also stem from heightened customer travel fears related to escalating geopolitical conflicts diminishing Lindblad's ability to sail and resulting in a spike in cancellations and material underperformance relative to our base case. "We could consider another one-notch upgrade if we believe the company's revenues and EBITDA will improve enough to allow it to sustain S&P Global Ratings-adjusted leverage under 5x. This could occur if Lindblad is able to achieve further occupancy recovery and higher net yields than we assume in our base-case forecast." LOOP MEDIA: $1 Million Agile Loan Accelerated After Payment Default ------------------------------------------------------------------- As previously reported, Loop Media, Inc. along with its wholly-owned subsidiary, Retail Media TV, Inc., entered into the following loan agreements with and issued the following promissory notes to Agile Lending, LLC, a Virginia limited liability company, and Agile Capital Funding, LLC, as collateral agent: * Subordinated Business Loan and Security Agreement dated December 27, 2024 (the "Agile $660,000 Loan Agreement"), evidenced by a Subordinated Secured Promissory Note in the original principal amount of $660,000 (the "Agile $660,000 Note" and such loan, the "Agile $660,000 Loan"); and * Subordinated Business Loan and Security Agreement dated March 25, 2025 (the "Agile $800,000 Loan Agreement"), evidenced by a Subordinated Secured Promissory Note in the original principal amount of $800,000 (the "Agile $800,000 Note" and such loan, the "Agile $800,000 Loan," and together with the Agile $660,000 Loan, the "Agile Loans"). The Agile $660,000 Loan Agreement, the Agile $660,000 Note, the Agile $800,000 Loan Agreement and the Agile $800,000 Note are collectively referred to as the "Loan Documents." On July 21, 2025, the Company received a notice of default and acceleration letter from the Lender wherein the Lender called a default under the Loan Documents for the Company's failure to make payments when and as due under the Loan Documents, and pursuant to Section 9.1 of the Loan Agreements, the Lender accelerated all amounts owed under the Agile Loans in the aggregate amount of $1,000,476. If the Company is unable to comply with the demands set out in the July 21 Notice, there can be no assurance as to whether the Lender will seek to pursue its rights and remedies under the Loan Documents, including without limitation its rights to the Collateral (as defined in the Loan Documents). About Loop Media Headquartered in Burbank, Calif., Loop Media, Inc., a Nevada corporation, is a multichannel digital video platform media company that uses marketing technology, or "MarTech," to generate its revenue and offer its services. The Company's technology and vast library of videos and licensed content enable it to curate and distribute short-form videos to connected televisions ("CTV") in out-of-home ("OOH") dining, hospitality and retail establishments, convenience stores and other locations and venues to enable the operators of those locations to inform, entertain and engage their customers. The Company's technology also provides businesses the ability to promote and advertise their products via digital signage and provides third-party advertisers with a targeted marketing and promotional tool for their products and services. Costa Mesa, California-based Marcum LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated Dec. 12, 2024, citing that the Company has incurred recurring losses resulting in an accumulated deficit, had negative cash flows used in operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. MADDISON REVOCABLE TRUST: Voluntary Chapter 11 Case Summary ----------------------------------------------------------- Debtor: Maddison Revocable Trust 115 W Peachtree PI NW, Unit 313 Atlanta GA 30313 Business Description: Maddison Revocable Trust, with Kareem A. Maddison as trustee, is associated with real estate assets in Atlanta, Georgia, including a residential property located at 1696 Nottingham Way NE. The property is a single-family home in the Sherwood Forest neighborhood. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-58758 Judge: Hon. Lisa Ritchey Craig Debtor's Counsel: Jason Pettie, Esq. TAYLOR DUMA, LLP 1600 Parkwood Cir Atlanta GA 30339 Tel: (770) 434-6868 E-mail: jasonpettie@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kareem Maddison as trustee. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZFFQ73A/Maddison_Revocable_Trust__ganbke-25-58758__0001.0.pdf?mcid=tGE4TAMA MADDISON REVOCABLE: Tamara Miles Ogier Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Maddison Revocable Trust. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Maddison Revocable Trust Maddison Revocable Trust filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58758) on August 4, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Lisa Ritchey Craig presides over the case. Jason L. Pettie, Esq., at Taylor English Duma represents the Debtor as legal counsel. MARK'S POOL: Unsecureds Will Get 16% of Claims over 5 Years ----------------------------------------------------------- Mark's Pool Service, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business dated July 29, 2025. The Debtor was established in 2017 with the goal of providing comprehensive services for existing residential and commercial swimming pools in the Lehigh Valley area. The Debtor specializes in maintenance, repairs, upgrades, and equipment installations, offering a full-service solution to pool owners. Between 2020 and 2023, the Debtor experienced significant growth due to increased demand. In response, the Debtor expanded its operations and invested in equipment to meet customer needs. However, the financial impact of the COVID-19 pandemic, including rising operational costs and supply chain disruptions, created substantial challenges. The rapid expansion during this period, combined with pandemic-related economic pressures resulted in financial strain that has been difficult to overcome. To address these arduous challenges, the Debtor has initiated a strategic restructuring plan aimed at reducing existing debt and improving operational efficiency. This includes streamlining services, optimizing resource allocation, and focusing on core business areas such as pool sales and service. These measures are designed to stabilize the Debtor's financial position and support sustainable growth. The Debtor's financial information projections show that the Debtor will have a projected disposable income of $4,063.00 per month. See, Exhibit B. This projected disposable income will be used first to make payments to the secured creditors, followed by pro-rata payments to the unsecured creditors. Put simply, the Debtor's financial information projections show that the Debtor will have an aggregate monthly average cash flow in an amount sufficient to meet its obligations under the Plan. Therefore, the Plan is feasible. The final Plan payment is expected to be paid in 2030. This Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the cash flow generated from the Debtor's future sales. Non-priority unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately sixteen (0.16) cents on the dollar from the monthly payments to be made under this Plan. This amounts to a sixteen (16%) percent distribution. The Plan also provides for the payment of administrative and priority tax claims. Class 2 shall consist of all allowed non-priority unsecured claims including, all Deficiency Claims. Each holder of a Class 2 claim shall be paid a pro rata share of the Debtor's disposable income over a five-year period pursuant to the terms of the Plan. This Class is impaired. Class 3 shall consist of the rights of equity security members of the Debtor. Upon confirmation, the equity interests of the Debtor shall remain intact in their present form. The Plan shall be funded through the disposable income generated by the Debtor's future operations. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=M0ActO from PacerMonitor.com at no charge. Counsel to the Debtor: Paul B. Maschmeyer, Esq. Maschmeyer Marinas, PC 629A Swedesford Rd. Swedesford Corporate Center Malvern, PA 19355 Telephone: (610) 296-3325 Email: pmaschmeyer@maschmarinas.com About Mark's Pool Service, LLC Mark's Pool Service, LLC, doing business as MPS Custom Pools, is a pool contractor serving the Lehigh Valley area. It specializes in a variety of services, from custom pool design and construction to regular maintenance. Its offerings include concrete pools, custom above-ground pools, custom inground pools, semi-inground pools, fiberglass pools, pool renovations, tile work, upgrades, vinyl pools, and weekly cleaning services. Mark's Pool Service sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10348) on January 28, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mark D. Reynard, president of Mark's Pool Service, signed the petition. Judge Patricia M. Mayer presides over the case. Frank S. Marinas, Esq. at Maschmeyer Marinas, P.C. represents the Debtor as legal counsel. MARSH TOWN: Unsecured Creditors to be Paid in Full over 3 Years --------------------------------------------------------------- Marsh Town Properties LLC filed with the U.S. Bankruptcy Court for the Southern District of Georgia a Disclosure Statement describing Plan of Reorganization dated July 29, 2025. The Debtor is Georgia for-profit domestic limited liability company organized on July 2, 2020, by Matthew Marston and is in good standing with the Georgia Secretary of State as of 2025. Matthew Marston is an owner and the Chief Executive Manager of the Debtor. The Debtor engages in (i) the purchasing of real property for the purpose of renovating or remodeling existing homes or the constructing of a home thereupon; (ii) renovating or remodeling existing homes or constructing homes; and (iii) the resale of renovated, remodeled, or newly constructed homes. Prior to filing the Debtor operated on a one project at a time. Prior to the filing of this matter the Debtor previously remodeled and sold for a profit a remodeled home. The Debtor used the profit from the remodel to assist in purchasing real property at 365 Warnell Drive, Richmond Hill, Georgia ("Property") with the intention of constructing a residence to either sell or rent. The Debtor obtained loans from FTF Lending, LLC and Trophy Point Investment Group, LLC for the financing of the purchase and construction of the Property. Marston also contributed funds to the construction of the Property which were obtained through personal loans from third parties. The breathing spell afforded by the Chapter 11 filing has enabled the Debtor to concentrate on means of generating income. The Debtor through complete of the construction project will be able to monetize the Property for the repayment of creditors. Class 3 shall consist of General Unsecured Claims. The Debtor shall pay Holders of Allowed General Unsecured Claims shall be paid in full, $5,276.47, with interest at a rate of 8.5% per annum from the Effective Date of the Plan ("Unsecured Creditors Payment"), in three annual installment payments as follows: * On August 1, 2026, a principal reduction payment of $1,758.83, plus accrued interest from the Effective Date of the Plan; * On August 1, 2027, the amount of $1,986.12; and * On August 1, 2028, the amount of $1,986.12 (collectively "Annual Installments"). Notwithstanding any provision to the contrary, in the event the Holder of an Allowed General Unsecured Claim shall receive an aggregate distribution of Fifteen Dollars or less under the terms of the Plan, the Debtor shall be authorized to make a single distribution to the Holder of the Allowed General Unsecured Claim of the total amount to be received under the terms of the Plan on the first annual installment payment date established in Class 3 as payment in full of the obligations of the Debtor to the Holder of such an Allowed General Unsecured Claim; provided, however, that if the Debtor does not make a distribution to a Holder of an Allowed General Unsecured Claim who shall receive an aggregate distribution of Fifteen Dollars or less under the terms of the Plan as permitted under this Paragraph of Class 3, the Debtor shall make the distribution in accordance with Bankruptcy Rule 3010(b). The Claims of the Creditors of Class 3 are Impaired by the Plan. Class 4 shall consist of all common equity holders in the Debtor. On the Effective Date of the Plan, all Equity Security Holders shall retain their interest in the Debtor in the same percentage and amount as of the Filing Date. This Class shall be presumed to accept the Plan pursuant to section 1126(f). A full-text copy of the Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=Tm4Fgp from PacerMonitor.com at no charge. Counsel to the Debtor: Jon A. Levis, Esq. LEVIS LAW FIRM, LLC Post Office Box 129 Swainsboro, GA 30401 Telephone: (478) 237-7029 Email: levis@merrillstone.com About Marsh Town Properties Marsh Town Properties LLC is a real estate company based in Richmond Hill, GA. It owns a residential property located at 365 Warnell Drive, valued at $1.1 million. Marsh Town Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-40379) on May 2, 2025. In its petition, the Debtor reports total assets of $1,133,406 and total liabilities of $1,168,748. Bankruptcy Judge Edward J. Coleman III handles the case. The Debtor is represented by Jon Levis, Esq. at LEVIS LAW FIRM, LLC. MAWSON INFRASTRUCTURE: 2025 Shareholder Meeting Set for Oct. 15 --------------------------------------------------------------- Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it plans to hold its 2025 Annual Meeting of Stockholders on October 15, 2025. The exact time and location of the Annual Meeting will be as set forth in the Company's definitive proxy statement for the Annual Meeting to be filed with the U.S. Securities and Exchange Commission. The board of directors of the Company has established August 21, 2025 as the record date for the determination of stockholders of the Company entitled to receive notice of and vote at the Annual Meeting or any adjournment or postponement thereof. Because the meeting date for the Annual Meeting will be more than 30 days after the anniversary of the Company's 2024 Annual Meeting of Stockholders, the Company has set a new deadline for the receipt of stockholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, for inclusion in the Company's proxy materials for the Annual Meeting. In order to be considered timely, such proposals must be received by the Company's Corporate Secretary at 950 Railroad Ave., Midland, PA 15059 or legal@mawsoninc.com by August 25, 2025, which the Company has determined to be a reasonable time before it expects to begin to print and send its proxy materials related to the Annual Meeting. Any proposal submitted after the above deadline will not be considered timely and will be excluded from the Company's proxy materials. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on December 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MIDTOWN VENTURE: Court to Hold Cash Collateral Hearing Today ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida is set to hold a hearing today to consider another extension of Midtown Venture Group, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's July 28 second interim order expires today. The second interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the expenses set forth in its budget and additional amounts subject to approval by lenders. The second interim order also granted lenders a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The lenders include Wilmington Savings Fund Society FSB, UMB Bank National Association, APC CS Trust, and Community Loan Servicing, LLC. About Midtown Venture Group LLC Midtown Venture Group, LLC, a company in Tampa, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04163) on June 20, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Roberta A. Colton handles the case. Daniel R. Fogarty, Esq., at Stichter, Riedel, Blain & Postler, P.A., is the Debtor's legal counsel. Wilmington Savings Fund Society FSB, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 drobbins-boehner@burr.com mguerra@burr.com UMB Bank National Association, as lender, is represented by: Jennifer Laufgas, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (619) 590-1385 jlaufgas@aldridgepite.com Community Loan Servicing, LLC, as lender, is represented by: Jason Todd Corsover, Esq. Kopelowitz Ostrow Ferguson Weiselberg Gilbert One West Las Olas Boulevard, Suite 500 Fort Lauderdale, FL 33301 Telephone: (954) 525-4100 Facsimile: (954) 525-4300 corsover@kolawyers.com MOMENTIVE PERFORMANCE: S&P Raises ICR to 'BB', Outlook Stable ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Momentive Performance Materials Inc. (MPM) to 'BB' from 'BB-'. The stable outlook reflects the company's adequate liquidity, ongoing support from KCC, and a modest improvement expected in the global specialty silicones market in 2025. In July 2025, KCC Corp., the ultimate parent company of MPM, injected a total of $800 million of common equity into MPM. MPM used proceeds from the equity infusion to fully repay $439 million of outstanding borrowings under its second-lien term loan (unrated) and $240 million of term loan B borrowings. On a pro forma basis, the debt repayment will improve credit metrics and free cash flow at MPM. S&P now expects Momentive will end 2025 with debt to EBITDA around 4x and reduce its annual interest cost burden to about $60 million. S&P Global Ratings raised its stand-alone credit profile on the company to 'b+' from 'b-'. S&P now believes MPM to be highly strategic to the KCC group, resulting in an issuer credit rating that is one notch below that of KCC (BB+/Stable). Therefore, S&P MPM's debt repayment materially improves leverage and free cash flow. Following the recent transaction, MPM will have repaid about $1.1 billion of gross term loan borrowings over the past 12 months, resulting in total S&P Global Ratings-adjusted debt falling to $1.1 billion from about $2.1 billion as of year-end 2023. S&P said, "We believe this debt repayment puts the company's capital structure in a much more sustainable position given the overcapacity challenges that will continue to face the silicones industry over at least the next few years. We now forecast debt to EBITDA will improve to just below 4x by year-end from well over 10x in 2023, as a result of debt repayment and marginal EBITDA improvement as silicones demand stabilizes." More importantly, cash interest savings will improve the company's interest coverage and free cash flow metrics, which have been depressed over the past few years. S&P said, "Momentive has generated negative free cash flow in each of the past three years, and we expect free cash flow will again be negative in 2025. Similarly, EBITDA to cash interest coverage was near 1x prior to the company's debt repayment last year but we expect it will improve materially to over 4x on a pro forma basis as cash interest expense falls to about $60 million in 2026 from $150 million in 2024. We believe higher operating cash flow will also allow the company to fund elevated maintenance and growth capital expenditure (capex) using internally generated cash." Debt repayment comes as silicones demand has stabilized, particularly in the specialty market. S&P said, "According to management, order rates and backlog are up 5%-10% versus year-end 2024 levels and quarterly EBITDA has remained between $65 million-$75 million, a pattern we expect will persist throughout the remainder of the year. We forecast mid-single-digit percent year-over-year EBITDA improvement in 2025 as a result of volume growth in performance additives and specialty silicones. In this subsector, the company is less exposed to competition from commodity silicones producers and has not been plagued by the structural oversupply that has affected MPM's basic silicones margins. We also believe EBITDA in 2025 will benefit from better plant loading and higher fixed-cost absorption, as well as the company's ongoing measures to procure and sell less commodity siloxane on the spot market and upgrade a higher percentage of its basic material to specialty products." The commodity siloxane market will remain challenged into 2025 as the industry struggles to absorb sizable capacity additions in China. Despite an improvement in specialty demand over the past 12 months, oversupply continues to pressure the silicones market and siloxane pricing remains near all-time lows. S&P Commodity Insights expects Chinese producers will add roughly 1,140 thousand metric tons (kmt) of capacity between 2022-2027, based on completed and announced expansions as of 2023 (including a few hundred kmt of capacity that came online in 2024). This comes despite slowing demand and Chinese producers' substantial capacity additions over the past several years; Chinese capacity grew 23.5% per year from 2019-2022. These capacity additions have put tremendous pressure on siloxane pricing and basic silicones margins even as demand has rebounded further up the value chain. While the majority of the company's sales come from specialty products that are engineered to meet specific customer requirements, and are therefore not easily fungible, a materially portion of sales come from basic silicones (about 25%), where competition from Chinese producers is substantial. Margins in this business remain low, forcing Chinese competitors to move up the value chain. To mitigate pressure in its commodity business and avoid having to sell low or negative margin material on the spot market, MPM has continued to optimize its sourcing of siloxane from suppliers (which are generally on the bottom half of the global cost curve). Additionally, as specialty volumes have rebounded, the company has been able to upgrade a higher percentage of commodity material, supporting improved margins. S&P said, "We forecast higher specialty demand, improved plant utilization, and higher fixed-cost absorption will improve margins in 2025 as MPM upgrades a higher percentage of base material to specialty products and sells less commodity siloxane on the spot market. Overall, this we expect this will result in S&P Global Ratings-adjusted EBITDA improving toward $300 million over the next 12 months." KCC's equity infusion and MPM's debt repayment is the second deleveraging event in as many years. It furthers the parent's track record of financial support for MPM and corroborates our belief that MPM is key to KCC's long-term business strategy. MPM accounts for a large portion of the KCC group's overall earnings (36% on an EBITDA basis in 2024), which provides a strong incentive for ongoing credit support from the parent. Additionally, since KCC led the buyout of MPM in 2019, it has demonstrated its willingness to provide financial support to MPM when necessary. In the short term, S&P expects KCC will further integrate MPM into its existing operations through closer alignment of raw material procurement, technology sharing, and new product development. KCC could pursue an initial public offering (IPO) of MPM in a more favorable macroeconomic and industry environment, but S&P believes this is unlikely over the next few years. Additionally, even with an IPO, S&P expects KCC will retain a controlling share in the company. S&P said, "The stable outlook reflects our view that the company's new capital structure places it in a much better position to weather a challenging period of overcapacity for silicones producers. The outlook also reflects our expectation that MPM's financial metrics will improve in 2025 due to the aforementioned debt reduction, stable global demand for specialty silicones, and moderating year-over-year pricing pressure. "In our base-case scenario, and pro forma for the recent debt repayment, we expect MPM's debt to EBITDA will improve to about 4x in 2025 from above 6x in 2024. We also believe free cash flow will improve in 2025, but will remain negative, as the company benefits from interest cost savings, offset by materially higher capex. "We could take a negative rating action on MPM over the next 12 months if debt to EBITDA exceeds 5x for a sustained period or if free cash flow remains persistently negative, leading us to believe its liquidity sources will fall below 1.2x uses over the next 12 months, and KCC does not provide timely financial or liquidity support to MPM. "Momentive's operating performance and financial credit metrics could deteriorate below our base case if a recession or tariff uncertainty in the U.S. and Europe undercuts the current demand recovery or if pricing faces further pressure from persistent industry overcapacity. Pricing in specialty silicones is of particular importance given we currently assume pricing and margins remain relatively stable in the company's performance additives segment. "Although unlikely given the company's parent KCC is rated 'BB+', we could raise the rating within the next 12 months if we were to revise MPM's status within the KCC group. While we believe Momentive is unlikely to be sold in the short term and will continue to be integrated into the KCC group, KCC has only owned the business outright for less than a year, and we believe a longer track record of support is one of the key requirements before a higher group support assessment is warranted." NEXUS BUYER: S&P Downgrades ICR to 'B-' on Debt-Funded Dividend --------------------------------------------------------------- S&P Global Ratings lowered its rating on Nexus Buyer LLC (dba IntraFi) to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on its existing first- and second-lien credit facilities by one notch to 'B-' and 'CCC', respectively. S&P also assigned its 'B-' issue-level rating to the incremental first-lien term loan and assigned its 'CCC' issue-level rating to the second-lien credit facility. S&P's recovery ratings on the first- and second-lien debt are '3' and '6', respectively. S&P said, "The stable outlook reflects our expectation that IntraFi will continue to demonstrate strong operating performance such that net revenues increase in the mid-single-digit percent area in 2025, with strong S&P Global Ratings-adjusted EBITDA margins, and that periods of EBITDA growth will be followed by debt-funded distribution transactions that will keep leverage in the mid-7x to 8x area on a sustained basis. "The downgrade reflects IntraFi's significant increase in leverage after the transaction and our expectation that its owners will likely seek additional debt-funded shareholder returns after periods of EBITDA growth and maintain leverage in the mid-7x to 8x area. Following the transaction, IntraFi's S&P Global Ratings-adjusted pro forma leverage will increase to about 7.6x from about 6x as of June 30, 2025. While IntraFi's strong earnings growth potential could result in rapid deleveraging, the company's financial-sponsor owners have consistently taken large, debt-funded dividends following periods of EBITDA growth, resulting in leverage above 7.5x when there are willing lenders and relatively low interest rates. While EBITDA growth has supported additional debt in its capital structure, IntraFi has increased its outstanding debt by over $3 billion (including the proposed transaction) since its leveraged buyout in 2019, and we believe most of the proceeds have gone towards shareholder distributions. "Our base-case forecast incorporates the company's capacity to deleverage due to EBITDA growth and excludes additional debt-funded dividends due to their uncertain size and timing. Still, if the company operates in line with our forecast, additional debt-funded dividends are likely. Additionally, despite strong EBITDA growth and minimal capital expenditure (capex), IntraFi's free operating cash flow (FOCF) generation is modest due to its high interest burden and rising tax-related distributions to shareholders. We forecast the company's FOCF to debt will weaken to about 2% in 2025 and 2026. "While we expect IntraFi will continue to grow revenue and EBITDA, we forecast growth rates will moderate in 2025. IntraFi has grown its S&P Global Ratings-adjusted EBITDA by about 15% over the last year to about $525 million as the company remains a leader of the reciprocal deposit market, based on call report data. Its operating strength is underpinned by the significant network effects of its market-leading customer base, which consists of over half of U.S. banks and over 90% of the 100 largest banks. "Industry deposit and lending growth has been muted through the second quarter of the year, leading to our expectation for slower growth in 2025 in both bank reciprocal and one-way products. IntraFi's growth is primarily driven by increases in bank deposits and banks' and brokerages' utilization of IntraFi's products. While demand for the company's bank reciprocal product has remained elevated following the onset of distress in the U.S. regional banking industry in 2023, we expect growth in average deposit balances on its network to moderate to the high-single-digit percent in 2025 from about 90% and 40% in 2023 and 2024, respectively. Growth in this segment is primarily driven by increased utilization of its reciprocal product, and we believe the company has a strong pipeline of banks being onboarded over the next year and will continue to add accounts from existing banks in the network. "Despite slower deposit and lending growth in 2025, we expect reciprocal growth will increase toward the low-teen percent area in 2026. Additionally, given the lower amount of lending in a relatively high-interest rate environment and banks' reduced need for liquidity, demand for IntraFi's one-way products will likely be muted in 2025, resulting in negligible growth. In 2026, however, we believe banks will have greater liquidity needs with lower interest rates and increased lending." Regulatory changes could increase competition or reduce IntraFi's target market. While unlikely in the near term, an increase in the $250,000 FDIC insurance limit could affect demand for the company's reciprocal deposit (67% of year-to-date revenues) services. Only about 8% of the company's certificate of deposit account registry service (CDARS) and insured cash sweep (ICS) balances are associated with account balances of $1 million or less. However, an FDIC insurance limit increase would hinder demand from current depositors to some extent regardless of their account size because of the decline in overall uninsured exposure. While not expected under S&P's base-case scenario given bipartisan support for the legislation, a revision to the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act could hurt demand. This is because the act allowed certain well-capitalized banks to classify up to $5 billion or 20% of total liabilities of reciprocal deposits as core, nonbrokered deposits. S&P said, "The stable outlook reflects our expectation that IntraFi will continue to demonstrate strong operating performance such that net revenues increase in the mid-single-digit percent area in 2025 with strong EBITDA margins, and that periods of EBITDA growth will be followed by debt-funded distribution transactions that will keep leverage in the mid-7x to 8x area on a sustained basis." S&P could lower its ratings on IntraFi if its cash flow generation is insufficient to cover its debt service costs and/or liquidity tightens such that S&P views its capital structure as unsustainable. This could occur if: -- Large client losses or regulatory changes reduce its competitive advantage; or -- The company engages in debt-funded dividends larger than currently contemplated. While unlikely, S&P could raise the ratings if IntraFi's EBITDA continues to grow and it adopts a less aggressive financial policy resulting in sustained leverage below 7.5x and FOCF to debt above 3%. NIKOPAT & ASSOCIATES: Unsecureds Will Get 100% over 12 Months ------------------------------------------------------------- Nikopat & Associates, Inc., filed with the U.S. Bankruptcy Court for the District of Maryland an Amended Disclosure Statement describing Plan of Reorganization dated July 29, 2025. The Debtor is a Maryland Stock Corporation incorporated on June 20, 2013, with its principal place of business located at 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770. The company has operated continuously since its inception, providing accounting and tax resolution services to individuals and businesses in the region. The corporation is wholly owned by Michael Onianwah, a Certified Public Accountant, who has maintained full control and ownership of the business since its inception. Vivienne Awasum, 732 Park Road, NW, LLC, 734 Park Road, LLC and 901 R Street, NW. LLC filed a civil action for professional malpractice by the Debtor in the representation of them before the Internal Revenue Service in a tax resolution matter in 732 Park Road W, LLC et al. vs. Ni8kopat & Associates, Inc et al. Case #: CAL 2014926, in the Circuit Court of Maryland for Prince George's County. The Plaintiffs obtained judgment by default. The Plaintiff, Vivienne Awasum, was awarded $109,213.00, and the Plaintiffs, 732 Park Road, NW, LLC, 734 Park Road, LLC, and 901 R Street, NW. LLC was awarded $203,095.29 on March 15, 2021. The plaintiffs levied 7225 Hanover, Suite D, Greenbelt, Maryland, a commercial condominium owned by the Debtor. The property was set for sale on September 10, 2024, necessitating the filing of bankruptcy on September 9, 2024. Class 2 are general unsecured claims. Class 2 are general unsecured claims and will be paid approximately 100% of their claim. The Internal Revenue Service has an unsecured claim of $3,200.00. Unsecured claims shall be paid at the rate of $270.00 per month, commencing on the effective date of the plan, for a period of 12 months. Class 3 are equity interest holders, and they are impaired under the plan and will receive the pro-rata share of monies available after payment to classes 1 and 2, based upon each Class 3 claimant’s percentage interest in the Reorganized Debtor. Insiders in this class are not entitled to vote. Pursuant to Section 1123(a)(5) of the Code the debtor will fund the Chapter 11 Plan through sale of 7225 Hanover Parkway, Suite D, Greenbelt, MD 20770. Debtor will file a motion to approve the employment of Billy Okoye a Real Estate Broker with Sold 100 Real Estate, Inc. The broker's opinion of value suggests a marketing period of 6-8 weeks. It is expected that the property would be listed for sale upon the employment of a real estate broker which is expected to be no later than August 30, 2025. The motion to employ a real estate broker would be filed. The administration of the Plan contemplates the continuous management of the business and the revenues generated by the cash flows from clients will be used to fund the Chapter 11 Plan until the sale of the property no later than November 30, 2025, at the fair market value. It is expected that after the cost of sale, Debtor would have approximately $135,000.00 for distribution to creditors. The Debtor will have the ability to make future payments based on its revenue and modified expenses. A full-text copy of the Amended Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=ZXfMyd from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Iweanoge, Esq. The Iweanoges' Firm, PC 1026 Monroe Street, NE Washington DC 20017 Tel: (202) 347-7026 Email: cci@iweanogesfirm.com About Nikopat & Associates NikoPat & Associates, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 24-17524) on Sept. 6, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THE IWEANOGES' FIRM, PC. PACIFIC RADIO: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------- On August 1, 2025, Pacific Radio Exchange Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports $1,690,315 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reports total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq. at RHM LAW LLP. PALMAS ATHLETIC: Case Summary & 12 Unsecured Creditors ------------------------------------------------------ Debtor: Palmas Athletic Club Corp. Country Club Drive 1 Palmas Del Mar Humacao, PR 00791 Business Description: Palmas Athletic Club Corp. owns and operates a 420-acre recreational property within Palmas Del Mar Resort in Humacao, Puerto Rico. The site includes two 18-hole golf courses, a 22,200-square-foot clubhouse, a 5,600-square-foot beach clubhouse, and related facilities. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 25-03489 Debtor's Counsel: Charles A. Cuprill Hernandez, Esq. CHARLES A. CUPRILL, PSC, LAW OFFICES 356 Calle Fortaleza Second Floor San Juan, PR 00901 Tel: 787-977-0515 E-mail: cacuprill@cuprill.com Debtor's Financial Consultant: CPA LUIS R. CARRASQUILLO & CO, PSC Total Assets: $16,793,944 Total Liabilities: $36,514,983 The petition was signed by Hector Rosario as general manager. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NQJUL4A/PALMAS_ATHLETIC_CLUB_CORP__prbke-25-03489__0001.0.pdf?mcid=tGE4TAMA PARK VIEW: Updates Unsecured Claims Details; Files Amended Plan --------------------------------------------------------------- Park View Apt, LLC, submitted a Disclosure Statement describing its Second Amended Plan of Reorganization dated July 30, 2025. The Plan contemplates the reorganization of Debtor's financial affairs and the repayment of all creditors' Allowed Claims. In sum, the Plan has the following structure: * The Plan is a reorganizing plan which provides that all Allowed Claims against Debtor will be paid in full, including all Allowed Secured Claims, Allowed Priority Unsecured Claims, and Allowed General Unsecured Claims. * Creditors holding Secured Claims against Debtor are classified in Classes 1 through 4. The Secured Creditors in Classes 1, 2, 3, and 4 shall not have their debt obligations modified with respect to repayment terms and interest rates as provided in the Plan, and therefore are not entitled to vote on the Plan. * Creditors holding General Unsecured Claims against Debtor are classified in Class 6. General Unsecured Creditors in Class 6 are unimpaired, and therefore are not entitled to vote on the Plan. * The sources of payments to Creditors under the Plan include Refinancing in the form of a bridge loan in the approximate amount of $10.878 million (which may be increased as needed), utilization of Debtor's Cash, and, to the extent necessary, a capital infusion from the Debtor's sole shareholder and manager, Houshang Neyssani. * The Debtor shall retain its ownership interests in assets of the Estate, subject to the obligations and liens created by or preserved under the Plan. Class 6 consists of General Unsecured Claims. Each Allowed General Unsecured Claim in Class 6 shall be paid in full in cash on the Effective Date, or as soon thereafter as reasonably practicable. The allowed unsecured claims total $21,000 to $232,541. The Debtor's primary source of funding under the Plan will be a refinance of one or both of the 2400 Property and the Park View Property. Additional information regarding the refinancing and/or financing will be provided in the Plan Supplement. In addition, the Debtor may use its Cash that does not constitute cash collateral, as well as capital contributions from its sole shareholder and member, Houshang Neyssani. These funding sources will be used for the payment of creditor claims, most notably, AFNB's claim. Pursuant to section 1128 of the Bankruptcy Code, the Court has tentatively scheduled a hearing to consider confirmation of the Plan for September 24, 2025 at 10:00 a.m., before the Honorable Laurie Selber Silverstein, United States Bankruptcy Judge for the District of Delaware, 6th Floor, Courtroom #2, United States Bankruptcy Court, 824 North Market Street, Wilmington, Delaware 19801 (the "Confirmation Hearing"). A full-text copy of the Disclosure Statement dated July 30, 2025 is available at https://urlcurt.com/u?l=WlPnBW from PacerMonitor.com at no charge. Counsel for the Debtor: James E. Till, Esq. Till Law Group 120 Newport Center Drive Newport Beach, CA 92660 Telephone: (949) 524-4999 Email: james.till@till-lawgroup.com Ericka F. Johnson, Esq. Bayard P.A. 600 N. King St. Suite 400 Wilmington, DE 19801 Tel: (302) 429-4275 Fax: (302) 658-6395 Email: ejohnson@bayardlaw.com About Park View APT, LLC Park View Apt LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Park View Apt LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11663) on August 6, 2024. In the petition filed by Houshang Neyssani, as sole member and manager, the Debtor estimated assets and liabilities between $10 million and $50 million. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by BAYARD, P.A., led by Ericka F. Johnson, and Stven D. Adlder. PETSMART LLC: S&P Rates New $2.25BB Senior Secured Notes 'BB-' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to PetSmart LLC's proposed $2.25 billion senior secured notes due in 2032. The '2' recovery rating reflects its expectations for substantial (70%-90%; rounded estimate: 85%) recovery for lenders in the event of a payment default. At the same time, S&P assigned its 'B-' issue-level rating and '6' recovery rating to PetSmart's proposed $750 million senior unsecured notes due in 2033. The '6' recovery rating reflects or expectations for negligible (0%-10%; rounded estimate: 0%) in the event of a payment default. This follows PetSmart's announcement to issue a new term loan B on August 4, 2025. The company plans to use the proceeds of the notes and new term loan to refinance its existing term loan B, senior secured notes due in 2028, and senior unsecured notes due 2029. Following the transaction, S&P expects total secured debt will increase by about $550 million while total unsecured debt will decrease by about $400 million. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- S&P's simulated default scenario assumes a significant drop in PetSmart's revenue and a weakened market position because of a highly competitive pricing environment, market-share losses to major competitors, and a weak macroeconomic environment. This affects its overall results because its same-store sales decline leads to a significant deterioration in its cash flow generation and renders it unable to meet its fixed-charge obligations (including principal, interest, and minimum capex), subsequently leading to a payment default. -- Furthermore, S&P's simulated default scenario considers that the macroeconomic and industry factors contributing to PetSmart's default also negatively affect Chewy, resulting in a material decline in the value of the equity pledged to secured lenders. -- Prior to an IPO, the Chewy equity collateral will automatically be released if PetSmart's total net leverage falls below 2x. After an IPO, the Chewy equity collateral will automatically be released if PetSmart's total net leverage falls below 2.5x. S&P would reassess its recovery analysis if this occurs. -- S&P's recovery analysis considers PetSmart's enterprise value (EV) in combination with the anticipated value from the Chewy equity shares pledged to the senior secured lenders. Simulated default assumptions: -- Simulated year of default: 2029 -- EBITDA multiple: 5x -- EBITDA at emergence: $648 million -- Estimated gross EV at emergence: About $3.2 billion -- Estimated value from Chewy equity pledged to secured lenders: $1 billion Simplified waterfall: -- Net EV at default (after 5% administrative costs): $4 billion -- PetSmart asset-based lending (ABL) lender commitment: $1 billion (not rated) -- First-lien secured debt: $4 billion --Recovery expectations: 70%-90% (rounded estimate: 85%) -- Unsecured debt claims: $1.57 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) *All debt amounts include six months of prepetition interest. PHOENIX ROSE: Unsecureds Will Get 1.84% of Claims over 4 Years -------------------------------------------------------------- Phoenix Rose LLC filed with the U.S. Bankruptcy Court for the Middle District of Tennessee an Original Plan of Reorganization under Subchapter V dated July 29, 2025. The Debtor is a specialty e-commerce retailer dedicated to serving the growing needs of consumers with dietary restrictions. Founded in 2017 in Ohio and relocated to Tennessee in 2021, the Debtor focuses on providing access to hard-to-find grocery items such as sugarfree, gluten-free, and sodium-free products. There are two employees currently in the business consisting of Martin Kellar, who is the authorized representative for the Debtor in this proceeding, is the President and Gretchen Russell is the Chief Operating Officer. The Debtor became overwhelmed with the debt load in conjunction with the change in Amazon's fee structure in paying vendors. The combination of the two made the situation untenable and the Debtor realized that seeking relief under the Code was the best option. By extrapolation of the Debtor's budget, the Debtor will have projected disposable income of less than $169,000 (over 4 years). The final Plan Payment is expected to be on or before December 2030. This Plan of Reorganization under Chapter 11 of the Code proposes to pay the creditors of the Debtor from future income of the Debtor. Class 4 consists of All Allowed Unsecured Claims. The Debtor shall pay allowed general unsecured claims a pro-rata distribution for a period of no more than 48 months from entry of the confirmation order in 4 annual payments in the amount of $2,400.00 annually, for a total amount of $9,600.00. Said payments shall commence on the first one-year anniversary of the Effective Date and shall be paid annually thereafter. This Class will receive a distribution of 1.84% of their allowed claims. The allowed unsecured claims total $521,262.19. The Debtor will retain all ownership rights in property of the estate. The Debtor anticipates the funds to meet the plan payments shall come from the daily operations of the Debtor's business. A full-text copy of the Plan of Reorganization dated July 29, 2025 is available at https://urlcurt.com/u?l=mDHLM2 from PacerMonitor.com at no charge. Counsel to the Debtor: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Tel: (615) 256-8300 Fax: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Phoenix Rose LLC Phoenix Rose LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01893) on May 2, 2025. In its petition, the Debtor reports estimated assets between $10,000 and $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtor is represented by Jay Lefkovitz, Esq. PLZ CORP: S&P Lowers ICR to 'CCC' on Increased Refinancing Risk --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on PLZ Corp. to 'CCC' from 'CCC+' reflecting the increasing refinancing risk. The outlook is negative. S&P also lowered its issue-level rating on the company's senior secured debt to 'CCC' from 'CCC+', in line with the change in the issuer rating. The recovery rating remains '3'. The negative outlook reflects the potential for an increased near-term refinancing risk as the 2026 maturity on the first-lien term loan approaches. S&P assesses PLZ's liquidity as weak. PLZ Corp.'s borrowing on its first-lien term loan facility matures within the next 12 months, on Aug 3, 2026, increasing the refinancing risk arising from the upcoming maturity of its revolving credit facility on April 30, 2026. PLZ's credit risk elevates further with its outstanding debt turning current. Most of the company's debt is a first-lien term loan due within the next 12 months. S&P believes that the default risk will continue to rise if it does not address the upcoming maturities of this loan and revolving credit facility. PLZ has limited liquidity because the revolving credit facility, part of the same credit agreement as the first-lien term loan, matures in April 2026. Although the company maintains a moderate cash balance, S&P believes its internally generated cash flow will not be sufficient to meet its upcoming debt obligations. S&P said, "We believe PLZ's debt leverage will range between 7.5x and 8.5x. The macroeconomic uncertainties and fresh wave of tariff announcements is dampening customer demand. We believe the company's internal initiatives will help improve margins, but the pace will be hampered by these demand uncertainties. We anticipate leverage will be below 8.5x in 2025 and 7.5x-8.5x on a weighted average basis." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses—specifically with regard to tariffs—and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly." S&P said, "The negative outlook reflects the increased risk that PLZ will be unable to refinance its debt obligations in a timely manner, increasing the likelihood of a default more than our previous ratings reflected. The company has a revolving credit facility and first-lien term loan facility, both of which are current (maturing in April 2026 and August 2026, respectively). We anticipate PLZ's operating performance will marginally improve over the next 12-24 months, driven by the streamlining of its cost structure, better customer mix, and new business wins such that debt leverage reduces below 8.5x by end of 2025. We expect PLZ will maintain weighted-average S&P Global Ratings-adjusted debt to EBITDA in the 7.5x-8.5x range." S&P could lower its ratings on PLZ within the next 12 months if: -- S&P believes the company cannot refinance its revolving credit facility and first-lien term loan facility as debt maturity grows closer. -- It breaches its springing maximum first-lien net leverage covenant, which triggers accelerated debt repayment. -- Liquidity deteriorates further or PLZ skips an interest payment. -- The company undertakes a transaction that S&P would view as a distressed debt exchange. Operational performance declines drastically due to factors such as the U.S. entering a deep and lasting recession, elevating customer attrition; environmental concerns shift consumer preferences away from aerosol products; and pricing ability wanes to a point that leverage becomes unsustainable. S&P said, "We could consider a positive rating action on PLZ if the company addresses its maturities by extending the debt well into the future. We could consider an even higher rating if the company is also able to sustain stronger credit measures (i.e., debt leverage below 8.5x and interest coverage comfortably over 1x) and maintain adequate liquidity." POPELINO'S TRANSPORTATION: Unsecureds Will Get 10% over 60 Months ----------------------------------------------------------------- Popelino's Transportation, Inc. filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement in support of Chapter 11 Plan dated July 29, 2025. The Debtor provides landscaping and green waste transportation services to landscaping companies located primarily in or around Riverside and San Bernardino counties. The Debtor's business location and production yard is located at 1880 Brown Avenue, Riverside, CA 92509. This is a reorganization plan. The Debtor seeks to restructure its debts and make payments over the plan term. The Plan has not yet confirmed. If confirmed, the Plan will bind all creditors provided for in the Plan, whether or not a claim is filed or the creditor consents to the terms of the Plan. The Debtor, through the Plan, proposes a 5-year repayment period, paying $12,120 per month for 60 months to be prorated amongst the general unsecured claims, for a total of $727,200 during the Plan. This Plan will pay 10% of the allowed general unsecured claims at 0.00% interest. The Plan will be funded from the Debtor's ongoing monthly net profits. Class 11 consists of General Unsecured Claims. This Class shall receive monthly payments in the amount of $12,120 per month to be prorated amongst these creditors, starting on the first day of each calendar month and will commence on the first day of the first month after the effective date and will end after 60 monthly payments. The allowed unsecured claims total $7,271,830. This Class will receive a distribution of 10% of claims paid at 0.0% interest or a total of $727,200. This Class is impaired. Jose Barragan owns 100 percent of the capital stock of the Debtor. Mr. Barragan intends to retain his equity interest in the Debtor. The Plan will be funded by the ongoing net profits from the Debtor's business. The Debtor expects to have funds available to make the payments proposed under the Plan pursuant to its Projected Annual Budget. A full-text copy of the Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=hyHNDh from PacerMonitor.com at no charge. Counsel to the Debtor: Todd Turoci, Esq. The Turoci Firm, Inc. 3845 Tenth Street Riverside, CA 92501 Tel: (951) 784-1678 Fax: (866) 762-0618 About Popelino's Transportation, Inc. Popelino's Transportation, Inc. is a Riverside, California-based company that has been offering green waste hauling and transportation services since 2005. Additionally, the Company recycles green waste at its facility to generate compost, mulch, and woodchips for landscaping. Popelino's Transportation filed petition (Bankr. C.D. Calif. Case No. 25-11628) on March 18, 2025, listing $3,318,612 in total assets and $8,329,194 in total liabilities. Jose Barragan, president of Popelino's Transportation, signed the petition. Judge Mark D. Houle oversees the case. Todd Turoci, Esq., at The Turoci Firm, is the Debtor's legal counsel. PRIME HEALTHCARE: S&P Alters Outlook to Positive, Affirms 'B-' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to positive from stable and affirmed its 'B-' issuer credit rating on Prime Healthcare Services Inc. and its 'B-' issue-level rating on its senior secured notes. The positive outlook reflects the increased likelihood of an upgrade if the company successfully integrates the Ascension hospitals and achieves our base case expectations. Stronger patient admissions, significant decrease in labor costs mostly due to much lower contract labor, and increased support from the California provider-fee subsidy program called the California Hospital Quality Assurance program, has driven a significant improvement in Prime Healthcare Services Inc.'s operating performance. With these factors and S&P's revised expectations reflecting better operating results and incremental EBITDA from the acquired Ascension hospitals, it now expects S&P Global Ratings-adjusted leverage to decline to 3.9x in 2025 (from 5.3x in 2024), improving to 3.5x in 2026. S&P said, "The outlook revision to positive from stable reflects our expectation for continued improvement in operating performance and increased likelihood of an upgrade. In 2024, revenue grew 7.1% and S&P Global Ratings-adjusted EBITDA margin improved to 11% from 8.7%. This followed higher admissions, stabilization and lower turnover of Prime's emergency department physician groups, significant reduction in contract labor, and increased support from state subsidy programs, most notably California. This resulted in stronger credit metrics with adjusted leverage declining to 5.3x in 2024 from 6.9x in 2023 and discretionary cash flow (DCF)/debt improving to 7.4% in 2024 from a deficit in 2023. "We expect the company will build further on recent operating performance improvement partly due to the incremental EBITDA from the March 2025 acquisition of six hospitals from Ascension. We expect the benefit of increased scale from the acquisition and higher support from state subsidy programs will help support further margin improvement, which we believe will reduce its S&P Global Ratings-adjusted leverage further to 3.9x in 2025 and potentially 3.5x in 2026. For 2025, we expect total cash subsidy payments from all six states in which the company receives subsidy payments to total $361 million, $152 million of which is from California. "The Ascension acquisition is the largest in the company's history. The acquisition will add nearly $1.4 billion of annualized revenues, amounting to about a 32% revenue increase for Prime. We expect a boost of $1.15 billion of revenues and $60 million EBITDA in 2025, which represents 10 months of revenue from the closing date of March 1, 2025. We believe the acquisition will add additional operating leverage as Prime integrates the six Chicago-area non-for-profit hospitals. We believe Prime will successfully integrate these hospitals and improve their performance as it has a good track record of turning around weak hospitals. "We continue to assess Prime's management and governance as moderately negative and are not clear of its financial policy. We retain a one-notch negative adjustment to the rating, reflecting our view that management and governance is weaker than that of its peers. We believe Prime has a weak governance structure with family ownership that relies heavily on the CEO, and an ineffective board. Although there is some board independence, the dual role of Chairman and CEO could undermine effective oversight. The CEO is the founder and Board Chairman since 2001. Moreover, if the company achieves our base case forecast it will generate free cash flow levels that are unprecedented for the company. Currently, the company's financial policy is unclear regarding future M&A and cash distributions. At this time, we believe there is a risk the company could prioritize M&A and/or key shareholder return over maintaining leverage near our forecast level. "The positive outlook reflects the increased likelihood of an upgrade given its increased operating leverage and our expectations that Prime's strong operating performance will continue along with continued support from state subsidy programs." S&P could revise the outlook to stable or take a negative rating action if: -- The company's patient volume trends weaken; -- The U.S. Budget Bill starts to present adverse effects in the state subsidy programs, particularly California's Hospital Quality Assurance Fee program. -- S&P believes Prime's capital structure becomes unsustainable. S&P said, "We could raise the rating if Prime meets our base case expectations for continued strong operating performance while integrating the six Chicago-area non-for-profit hospitals that it acquired from Ascension Healthcare. Under this scenario, we expect leverage to decline to about 4x and DCF to debt, including all distributions and capital lease payments, to rise above 5%. We could also raise the rating if any changes to the governance structure leads us to remove the negative M&G modifier." RCM LIVING ASSET: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: RCM Living Asset Management Services LLC RCM Asset Management Services LLC 1521 Concord Pike Suite 201 Wilmington, DE 19803 Business Description: RCM Living Asset Management Services LLC is a real estate holding company whose principal assets are located at East Zack Street and North Florida Avenue in Tampa, Florida. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-05491 Judge: Hon. Roberta A. Colton Debtor's Counsel: Megan W. Murray, Esq. UNDERWOOD MURRAY, P.A. 100 N. Tampa St. Tampa, FL 33602 Tel: (813) 540-8405 E-mail: mmurray@underwoodmurray.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew C. Richardson as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4CVMEHI/RCM_Living_Asset_Management_Services__flmbke-25-05491__0001.0.pdf?mcid=tGE4TAMA RCM LIVING LLC: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: RCM Living LLC c/o Corporate Creations Network Inc. 1521 Concord Pike, Ste 201 Wilmington, DE 19803 Business Description: RCM Living Holdings LLC operates a commercial real estate asset management platform specializing in multifamily investments in the United States. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-05493 Judge: Hon. Roberta A. Colton Debtor's Counsel: Megan W. Murray, Esq. UNDERWOOD MURRAY, P.A. 100 N. Tampa St. Tampa, FL 33602 Tel: (813) 540-8405 Email: mmurray@underwoodmurray.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Andrew C. Richardson as CEO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VBO2AQI/RCM_Living_LLC__flmbke-25-05493__0001.0.pdf?mcid=tGE4TAMA RESHAPE LIFESCIENCES: Key Proposals Passed; Meeting to Resume Today ------------------------------------------------------------------- ReShape Lifesciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it held a special meeting of stockholders on July 24, 2025. A total of 1,482,585 shares of the Company's common stock, par value $0.001 per share, constituting a quorum, were represented in person or by proxy at the Special Meeting. At the Special Meeting, the Company's stockholders voted on Proposal 1, Proposal 4, Proposal 5 and Proposal 6: Proposal 1: The Company's stockholders approved the issuance of shares of Common Stock in connection with the Merger. Proposal 4: The Company's stockholders approved the authorization of the Company's Board of Directors, in its discretion but in no event later than the one year anniversary of the Special Meeting, to amend the Company's Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Common Stock, at a ratio in the range of 1-for-2 to 1-for-5, such ratio to be determined by the Board of Directors and included in a public announcement. Proposal 5: The Company's stockholders approved, on a non-binding advisory basis, the compensation that may be paid or become payable to the Company's President and Chief Executive Officer in connection with the Merger and Asset Sale. Proposal 6: The Company's stockholders approved adjournments of the Special Meeting from time to time, if necessary or appropriate to solicit additional proxies in favor of Proposal 1, Proposal 2, Proposal 3 or Proposal 4 if there are insufficient votes at the time of such adjournment to approve such proposal. The Special Meeting was then adjourned to further solicit votes on Proposal 2, the proposal to approve the sale of substantially all of the Company's assets to Ninjour Health International Limited, an affiliate of Biorad Medisys, Pvt. Ltd., and Proposal 3, the proposal to approve and adopt proposed amendments to the Company's Restated Certificate of Incorporation, as amended, in connection with the Company's proposed merger with Vyome Therapeutics, Inc., each as described further in the Company's proxy statement for the Special Meeting filed with the Securities and Exchange Commission on June 24, 2025. The Special Meeting will resume with respect to Proposal 2 and Proposal 3 today, at 11:30 a.m. Eastern Time. The reconvened meeting will be held virtually at www.virtualshareholdermeeting.com/RSLS2025SM. The record date for determining stockholders eligible to vote at the Special Meeting remains the same, June 9, 2025. About Reshape Lifesciences Headquartered in Irvine, California, Reshape Lifesciences Inc. -- www.reshapelifesciences.com -- is a premier physician-led weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and associated metabolic disease. The Company's primary operations are in the following geographical areas: United States, Australia and certain European and Middle Eastern countries. Its current portfolio includes the Lap-Band Adjustable Gastric Banding System, the Obalon Balloon System, and the Diabetes Bloc-Stim Neuromodulation device, a technology under development as a new treatment for type 2 diabetes mellitus. There has been no revenue recorded for the Obalon Balloon System, or the Diabetes Bloc-Stim Neuromodulation as these products are still in the development stage. In its report dated April 4, 2025, the Company's auditor Haskell & White LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Reshape Lifesciences had $4.79 million in total assets, $5.05 million in total liabilities, and a total stockholders' deficit of $253,000. RIVERSIDE EXPRESS: Court Extends Cash Collateral Access to Aug. 21 ------------------------------------------------------------------ Riverside Express Car Wash, LLC received another extension from the U.S. Bankruptcy Court for the Central District of California, Riverside Division to use cash collateral. The court's order extended the Debtor's authority to use cash collateral until August 21 and approved the Debtor's monthly payment of $10,000 to T Bank N.A., a secured creditor. The next hearing is scheduled for August 21. Objections to further use of cash collateral are due today while replies to objections are due by August 14. The Debtor operates a car wash facility in Riverside, California, valued at $4.6 million, with additional personal property valued at $24,307. The Debtor owes approximately $8.86 million to secured creditors T Bank, Bay Area Development Co., and the Riverside County Treasurer. T Bank holds the first-position lien. T Bank is represented by: Joshua K. Partington, Esq. Nicholas S. Couchot, Esq. Rachel A. McMains, Esq. Snell & Wilmer, L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 jpartington@swlaw.com ncouchot@swlaw.com rmcmains@swlaw.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. S & W SALES: Cash Collateral Hearing Set for August 13 ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Georgia is set to hold a hearing on August 13 to consider another extension of S & W Sales and Service, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's July 24 order expired on July 31. The Debtor's cash collateral consists of revenues from the operation of its business. It owns and operates a construction company specializing in government contracting for concrete services. The creditors that may claim an interest in the Debtor's cash collateral are Five Star Credit Union, Marlin Business Bank, U.S. Small Business Administration, Newtek Small Business Finance, LLC, American Contractors Indemnity Co., ASSN Co., CT Corporation Service as representative, CHTD Company, and Lexington National Insurance Corporation. About S & W Sales and Service S & W Sales and Service, LLC is a limited liability company in Fort Valley, Ga. S & W Sales and Service sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 24-51814) on December 2, 2024, with assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Waldo Moody, a managing member of S & W Sales, signed the petition. Judge Robert M. Matson handles the case. Wesley J. Boyer, Esq., at Boyer Terry, LLC is the Debtor's legal counsel. Five Star Credit Union, as secured creditor, is represented by: Doroteya N. Wozniak, Esq. James Bates Brannan Groover, LLP 2827 Peachtree Rd, NE, Suite 300 Atlanta, GA 30305 Telephone: (404) 997-6031 Facsimile: (404) 997-6021 dwozniak@jamesbatesllp.com Newtek Small Business Finance, as secured creditor, is represented by: Michael R. Wing, Esq. Robinson Franzman, LLP 191 Peachtree Street NE, Suite 2600 Atlanta, GA 30303 Telephone: (404) 255-2503 michael@rfllplaw.com Lexington National Insurance Corp., as secured creditor, is represented by: John G. Brookhuis, Esq. McMichael Taylor Gray, LLC 3550 Engineering Drive, Suite 260 Peachtree Corners, GA 30092 Telephone: 404-474-7149 Facsimile: 404-745-8121 jbrookhuis@mtglaw.com SCARFE WHISPERS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Scarfe Whispers Oyster Bar and Seafood Lounge, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to use cash collateral. The court's second interim order approved the Debtor's continued use of cash collateral to pay operating expenses pending the final hearing on September 4. The Debtor's cash collateral consists of cash and accounts receivable. It estimates the value of the accounts receivable to be approximately $1,391 based on a current aging report of receivables less than 90 days old. Vader Mountain Capital asserts an interest in the cash collateral and is owed approximately $25,000 as of the petition date. As protection for the Debtor's use of its cash collateral, the lender will be granted a replacement lien on property acquired by the Debtor's estate after the petition date, with the same priority and extent as its pre-bankruptcy lien. The Debtor's right to use cash collateral terminates immediately upon order of the court; the dismissal or conversion of its Chapter 11 case; the entry of an order that alters the validity or priority of the replacement liens granted to the lender; cessation of operation; the lifting of automatic stay that allows any entity to proceed against assets of the Debtor that constitute cash collateral; or the entry of an order authorizing a security interest in the collateral to secure any credit obtained or debt incurred that would be senior to or equal to the replacement lien. About Scarfe Whispers Oyster Bar and Seafood Lounge Scarfe Whispers Oyster Bar and Seafood Lounge, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01951) on June 12, 2025, listing between $100,001 and $500,000 in assets and between $100,001 and $500,000 in liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 Email: bkmickler@planlaw.com SKYLOCK INDUSTRIES: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------------- Skylock Industries Inc. filed with the U.S. Bankruptcy Court for the Central District of California a First Amended Disclosure Statement describing First Amended Chapter 11 Plan dated July 29, 2025. Commencing in 1974, Skylock Industries was a manufacturer of parts for the aerospace industry. The business was acquired by an entity owned by the Debtor's Chairman Jeffrey Crevoiserat, Victor Franck and Brian Katzen in 2004 as part of the purchase of Fields Aircraft Spares, Inc. Mr. Crevoiserat and the Debtor's president Jimmie A. Pease operated the Debtor for many prior to the Debtor's chapter 11 filing. The first months of the chapter 11 case were characterized by disputes between the Debtor's management and its secured lender and intercompany disputes, resulting in an Order to Show Cause re Appointment of a Chapter 11 Trustee being issued by the Bankruptcy Court; the result of the Court’s OSC was a consensual appointment of Jeffrey Nerland, an experienced Chief Restructuring Officer on December 20, 2024. Mr. Nerland concluded that based on the Debtor's inability to pay post-Petition rent to its commercial landlords, its inability to make post-petition payments of its secured equipment obligations, the Debtor's struggle to make payroll and the accruing administrative expenses during the chapter 11 case, that the immediate sale of substantially all of the Debtor's assets was in the best interest of the bankruptcy estate and its creditors. As a result, during the Debtor's bankruptcy and as more particularly described herein, Skylock sold substantially all of its assets to Adhara Aerospace & Defense LLC, the sale to Adhara closed on April 1, 2025. Based thereon the Debtor filed its Motion for Order Approving the Debtor's Asset Purchase Agreement with Adhara Aerospace & Defense LLC Approving the Sale of Substantially all of the Assets of the Debtor and Approving Over Bid Procedures (the "Sale Motion"). On March 14, 2025 the Bankruptcy Court entered its Order approving the Sale Motion (the "Same Order"). The sale to Adhara closed on April 1, 2025 (the "Adhara Sale"). The Debtor is proposing a liquidating plan. In other words, the Proponent seeks to accomplish payments under the Plan by distributing the proceeds of the sale of substantially all of its asset that was approved by the Bankruptcy Court on March 14, 2025. The Effective Date of the proposed Plan is 21 days after the Bankruptcy Court enters the Order approving the Debtor's chapter 11 plan. Class 1 consists of General unsecured claims. Class 1 claims will be paid 90 days after the Effective Date on a pro-rata basis. This Class is impaired. Class 2 consists of Unsecured claim of the Debtor's insiders. Class 2 consists of the claims of the Debtor's affiliates and insiders, which will be subordinated and junior to all other classes and which will receive no distribution unless and until all other allowed senior claims are paid in full. Interest holders shall retain prePetition interests. The Plan will be funded by proceeds of the Adhara Sale. A full-text copy of the First Amended Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=zIqwBi from PacerMonitor.com at no charge. Skylock Industries Inc. is represented by: Jeffrey S. Shinbrot, Esq. JEFFREY S. SHINBROT, APLC 15260 Ventura Blvd., Suite 1200 Sherman Oaks, CA 91403 Telephone: (310) 659-5444 Facsimile: (310) 878-8304 Email: jeffrey@shinbrotfirm.com About Skylock Industries Skylock Industries Inc. is a California-based aircraft parts manufacturer. Skylock Industries sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-17820) on Sept. 26, 2024, with $10 million to $50 million in both assets and liabilities. Judge Sheri Bluebond handles the case. The Debtor is represented by Jeffrey S. Shinbrot, Esq., at The Shinbrot Firm. STATE OF FLUX: Seeks to Hire Ryan C. Wood as Bankruptcy Counsel --------------------------------------------------------------- State of Flux, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices of Ryan C. Wood, Inc. to handle its Chapter 11 case. Ryan Wood, Esq., the primary attorney in this representation, will be paid at his hourly rate of $475 plus reimbursement for expenses incurred. The firm received a retainer of $7,500 and a filing fee of $1,738 from the Debtor. Mr. Wood disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd., Ste. 218 Redwood City, CA 94063 Telephone: (650) 366-4858 Facsimile: (650) 366-4875 About State of Flux Inc. State of Flux Inc., formerly doing business as Haze Apparel, is a San Francisco-based retail business likely operating in the apparel industry. State of Flux sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30541) on July 7, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Ryan C. Wood, Esq., at Law Offices of Ryan C. Wood, Inc. SVB FINANCIAL: Ordered to Contest Ch. 11 Claims Amid Standing Fight ------------------------------------------------------------------- Clara Geoghegan of Law360 reports that on Tuesday, August 5, 2025, the former parent company of Silicon Valley Bank clashed with the liquidators of its Cayman Islands branch over standing in a $294 million lawsuit, leading a New York bankruptcy judge to direct SVB Financial to formally object to the claims on the grounds that they were filed too late. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. T-SHACK INC: Claims to be Paid from Rental Income ------------------------------------------------- T-Shack Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a Disclosure Statement describing Plan of Reorganization dated July 29, 2025. The Debtor was formed for the specific purpose of ownership of real property which was purchased at Homeowner Association foreclosure sales. Currently, the Debtor is the owner of five parcels of real land in Clark County, Nevada. The Debtor continues to own and manage said properties with the intention of renting said properties for the purpose of confirming a chapter 11 plan. It should be noted that Secured Creditor Shellpoint is the alleged secured creditor on all properties except 5155 W. Tropicana Ave, Unit 2050 which is purported to be held by Bank of America. Currently, the Debtor's income is generated by the rental income received from the Debtor's Investment Properties. The Debtor has been able to improve cash reserves since the filing of this bankruptcy and also retain income which can be used to fund the Plan. The Debtor intends by way of the Plan to allocate available disposable monthly income to repay creditors in accordance of the Plan. The Debtor has sufficient net income to fund proposed payments to creditors under the Plan. The Debtor has also filed a motion to allow Ray Zajac to place $500,000.00 into the Debtor to fund secured creditors if needed. Class six consists of General Unsecured Claims. All Class six creditors having filed proofs of claims shall be paid $5,000.00 pro rata. However, the debtor does not anticipate any unsecured debt. This Class is impaired. The Debtor plans to use future income to fund the Plan. The Debtor anticipates that the course of repayment will be certain due to the market in Clark County, Nevada and the rent that can be generated. Also, the Debtor intends on selling the properties and paying off any monies due and owing the secured creditors. A full-text copy of the Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=suABes from PacerMonitor.com at no charge. About T-Shack Inc. T-Shack Inc. is in the rental business and owns (or owned) several real properties in Las Vegas. Rombouts Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11208) on March 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $50 million. The Debtor is represented by: Michael J. Harker, Esq. LAW OFFICES OF MICHAEL J. HARKER 2901 El Camino Ave., Suite 200 Las Vegas, NV 89102 Tel: 702-248-3000 E-mail: notices@harkerlawfirm.com TRAVEL + LEISURE: S&P Rates New $500MM Senior Secured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating (the same as its long-term issuer credit rating) and '4' recovery rating to Travel + Leisure Co.'s proposed $500 million secured notes due 2033. The '4' recovery rating reflects S&P's expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders in the event of a default. The company intends to use the proceeds from this offering to repay its $350 million 6.60% secured notes due October 2025 and repay $150 million of revolver borrowings. All of S&P's existing ratings on Travel + Leisure Co. are unchanged. Tour growth remained relatively flat for the first half of 2025, relative to 2024, while volume per guest (VPG) grew approximately 6% due to a higher owner upgrade transaction mix, which generally produces higher VPGs. As a result, vacation ownership revenue increased 5% through the first six months of 2025. The company's travel and membership segment continues to struggle due to industry consolidation. Recent mergers and acquisitions across the timeshare industry have resulted in networks with larger membership bases, which reduce the demand for timeshare exchanges. Through the first half of 2025, revenue in the travel and membership segment declined approximately 7% due to fewer transactions, and the revenue decline was only partially offset by cost reductions and restructuring that the company completed in 2024. Company-adjusted EBITDA in the travel and membership segment declined 10% through June 30, 2025. S&P said, "We expect tour growth will remain muted through the remainder of 2025 and that VPG will increase by mid-single-digit percent. Additionally, we expect the company's travel and membership segment will continue to decline by approximately 5% in the second half of the year, though we believe the company could take further steps to mitigate costs as it realigns the business." S&P said, "Travel + Leisure reported trailing-12-month net leverage (excluding securitization debt an including the finance subsidiary EBITDA) of 3.4x through June 30, 2025; however, our measure of leverage is typically higher due to our adjustments for operating leases and the captive finance subsidiary's EBITDA, resulting in S&P Global Ratings- adjusted leverage of 4.7x as of June 30, 2025. We expect the company will end the year with leverage remaining in the 4.5x-5.0x, which provides some cushion compared to our 5.5x downgrade threshold for the 'BB-' rating." Issue Ratings--Recovery Analysis Key analytical factors -- T+L's senior secured credit facility consists of a revolver with $1 billion capacity and $857 million outstanding term loan B due 2029. T+L, pro forma for this transaction will also have $650 million senior unsecured notes due 2026, $400 million senior unsecured notes due 2027, $650 million senior unsecured notes due 2029, $350 million senior unsecured notes due 2030, and $500 million senior unsecured notes due 2033. -- S&P's 'BB-' rating and '4' recovery rating on this facility reflect its expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders in the event of a default. -- S&P said, "Our simulated default scenario contemplates a payment default in 2029, reflecting the loss of key exclusivity contracts in the exchange business with timeshare operators and management contracts with homeowner associations, an overall decline in the popularity of timeshares as a vacation alternative, a severe economic downturn and tightening of consumer credit markets, and illiquidity in the financial markets for timeshare securitizations and conduit facilities. We assume a reorganization following default, using an emergence EBITDA multiple of 6.5x to value the company." -- S&P incorporates its standard assumption that the revolver is 85% drawn for the purposes of our hypothetical default scenario and this recovery analysis. Simulated default assumptions -- Emergence EBITDA: $334 million -- EBITDA multiple: 6.5x -- Revolving corporate credit facility: 85% drawn at default Simplified waterfall -- Gross recovery value: $2.17 billion -- Net recovery value for waterfall after 5% administrative expenses: $2.06 billion -- Obligor/nonobligor valuation split: 100%/0% -- Total value available for senior secured debt: $2.06 billion -- Estimated senior secured debt claim: $4.35 billion --Recovery expectation: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. UNIVERSAL BIOCARBON: Unsecured Creditors to Split $182K in Plan --------------------------------------------------------------- Universal Biocarbon Inc. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Plan of Reorganization dated July 29, 2025. The Debtor operates a company that converts green waste into agricultural "biocarbon" rich products, such as organic compost, wood mulch and other related products. At the time of the case filing, the Debtor was leasing and currently is still leasing the land upon which is operates from U.S. Sugar. When the Debtor began operating at the current location, it intended to obtain a Palm Beach County Solid Waste Authority ("SWA") permit to process unground waste. The SWA permit is important and, without it, the Debtor is only able to take in ground or processed yard waste for processing, which limits its operations and revenue. With the SWA permit, the Debtor will be able to take in unground waste generated by landscapers and tree trimmers, such as tree trimmings and clippings. To this end, the Debtor obtained a post-petition loan in the amount of $5,800,000.00 to purchase real and personal property and expand its operations (the "Expansion Loan"). The Debtor filed a Motion for Authorization to Obtain Post-Petition Financing, which was granted by this Court. The lender is with an entity known as Advisco Capital Corp. ("Lender") The loan is a three-part loan: (a) a secured real estate term loan, (b) a secured equipment term loan and (c) secured revolving credit facility. The Debtor believes that the income from its future expanded operations will be more than sufficient to support the payments under the loan agreement. The loan commitment attached hereto shows that $500,000.00 is placed aside to fund the Palm Beach County Tax Collector, the administrative claims and unsecured creditor class. The Debtor believes that it will be in a position to refinance the loan at more reasonable rates after it has been out of bankruptcy as a reorganized Debtor in sufficient time to satisfy the outstanding balance of the loan at maturity, or as extended under the option in the term sheet. Class Six consists of General Unsecured Creditors. The general unsecured claims prior to the filing of any objections total the amount of $2,974,003.04. The Expansion Loan has a set aside $500,000.00 toward the Palm Beach County Tax Collector claim, administrative expenses and unsecured claims. Each creditor in this class shall receive a pro rata distribution from this amount less any outstanding administrative expenses and the Palm Beach County Tax Collector claim the upon the later of (i) the Effective Date or (ii) such the date upon which that all outstanding claims objections are resolved, if any objections become litigated. No less than $182,199.02 shall be paid to this class. The dividend to this class of creditors is subject to change upon the determination of objections to claims and the administrative claims. To the extent that the Debtor is successful or unsuccessful in any or all of the proposed Objections, then the dividend and distribution to each individual Class of General Unsecured Claims shall be adjusted accordingly. These claims are impaired. Class Seven consists of Equity Holders. There shall be no distribution to the equity holders of the Debtor under the confirmed Plan and no dividends to this class of claimants. This claim is impaired. A full-text copy of the Disclosure Statement dated July 29, 2025 is available at https://urlcurt.com/u?l=CW7DGb from PacerMonitor.com at no charge. Universal Biocarbon Inc. is represented by: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Universal Biocarbon Inc. Universal Biocarbon Inc. transforms vegetative biomass such as yard waste and tree trimmings, into high-quality carbon products like compost, mulch, biochar, and activated carbon. Through a partnership with the Sunshine State Biomass Cooperative, UBC creates a cycle of beneficial reuse, sharing profits with the suppliers of biomass feedstock. The company is based in Canal Point, Fla. Universal Biocarbon filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-10987-EPK) on Jan. 30, 2025, listing up to $1million in assets and up to $10 million in liabilities. David Disbrow, chairman and founder of Universal Biocarbon, signed the petition. Judge Erik P. Kimball oversees the case. Craig I. Kelley, at Kelley Kaplan & Eller, PLLC, is the Debtor's legal counsel. UPBOUND GROUP: S&P Rates New $1.1BB Term Loan 'BB-' --------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating to Upbound Group Inc.'s proposed $1.1 billion term loan B due in August 2032. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a payment default. However, the ratings are subject to receipt and review of final documentation. The new term loan facility will be used to refinance its outstanding $798 million term loan B due in 2028, with the remaining proceeds earmarked to repay roughly $302 million of outstanding borrowings under its $550 million ABL facility. Pro forma for the transaction, Upbound Group will have roughly $32 million drawn under its ABL facility. S&P views the transaction as leverage neutral. S&P said, "Our other ratings on Upbound Group, including the 'B' Issue-level rating on the company's $450 million senior unsecured notes and 'BB-' issuer credit rating and stable outlook, are unchanged. We expect to withdraw our rating on the company's existing term loan B facility upon close of the transaction." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the transaction, Upbound Group's capital structure comprises a $1.1 billion term loan facility due in 2032, a $550 million ABL facility due in 2029, and $450 million of senior unsecured notes due in 2029. -- S&P raised its enterprise valuation at emergence to $1.09 billion from $811 million to reflect the company's improved profitability over the past few years. Despite the increase in the company's term loan amount, the '3' recovery rating is unchanged. -- The '3' indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default or bankruptcy. -- S&P simulates a default scenario occurring in 2029 due to a significant slowdown in consumer discretionary spending, an increasingly competitive retail environment, and strategic missteps at Upbound. In this scenario, same-store sales turn negative, margins deteriorate, and EBITDA plummets. -- The default scenario assumes that the company would reorganize as a going concern to maximize lenders' recovery prospects. Therefore, S&P valued the company on a going-concern basis using a 5x multiple applied to its projected emergence-level EBITDA. -- S&P's recovery analysis assumes $280 million of borrowings will be outstanding under the company's $550 million ABL facility at default, which reflects 60% utilization of the $550 million commitment. S&P does not rate the company's ABL facility. Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: $217 million -- Implied enterprise value (EV): 5x -- Estimated gross EV at emergence: about $1.09 billion Simplified waterfall -- Net EV (after 5% administrative costs): $1.03 billion -- Estimated priority claims: $286 million -- Total senior secured debt claims: $1.09 billion --Recovery range: 50%-70% (rounded estimate: 65%) -- Senior unsecured debt claims: $464 million --Recovery range: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. USA STAFFING: Affiliate Gets Extension to Access Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a second interim order authorizing Staffing Management Group, LLC, an affiliate of Staffing Services, LLC, to continue using cash collateral. The second interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by senior creditor, Change Capital Holdings I, LLC. As adequate protection, Change Capital will be granted first-priority perfected post-petition security interests in and liens on all assets of the Debtor existing on or after the petition date that are similar to its pre-bankruptcy collateral. These replacement liens will have the same validity, extent and priority as those that existed on the petition date. In addition, Change Capital will receive a weekly payment of $5,000. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreement with the senior creditor. The next hearing is scheduled for August 19. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ICGd4 from PacerMonitor.com. About USA Staffing Services LLC USA Staffing Services, LLC provides staffing solutions across the United States through a network of locally owned partner offices. It offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services and its affiliates, Staffing Management Group, LLC and MK Ultra Investments, LLC filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-04358) on June 27, 2025. In its petition, USA Staffing Services reported total assets of $6,315,418 and total liabilities of $3,239,607. Judge Catherine Peek McEwen handles the cases. The Debtors are represented by Daniel E. Etlinger, Esq., at Underwood Murray, P.A. USA STAFFING: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division granted USA Staffing Services, LLC final approval to use cash collateral. The final order authorized the Debtor to use cash collateral and to continue factoring receivables under its factoring and security agreement with secured creditor, REV Capital (California), Inc., in accordance with its budget. REV is not obligated to continue factoring, with the secured creditor retaining its discretion to do so as provided in the agreement, according to the final order. As protection for any diminution in the value of its collateral and as security for any post-petition advances or purchases made under the factoring and security agreement, REV will be granted a continuing replacement lien on and security interest in assets of the Debtor existing on or after the petition date that are similar to its pre-bankruptcy collateral. These rollover liens will have the same validity, priority and extent as REV's pre-bankruptcy lien. Meanwhile, other creditors with interests in the cash collateral will be granted replacement liens on any cash collateral acquired by the Debtor after its Chapter 11 filing, with the same validity, priority and extent as their pre-bankruptcy liens. About USA Staffing Services LLC USA Staffing Services, LLC provides staffing solutions across the United States through a network of locally owned partner offices. It offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services and its affiliates, Staffing Management Group, LLC and MK Ultra Investments, LLC filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-04358) on June 27, 2025. In its petition, USA Staffing Services reported total assets of $6,315,418 and total liabilities of $3,239,607. Judge Catherine Peek McEwen handles the cases. The Debtors are represented by Daniel E. Etlinger, Esq., at Underwood Murray, P.A. UST HOLDINGS: S&P Affirms 'BB-' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on UST Holdings Ltd., a global information technology (IT) services and solutions provider. At the same time, S&P lowered its issue-level rating on the company's first-lien debt to 'BB-' from 'BB'. The recovery rating is now '3', reflecting greater expected claims in a simulated default. S&P said, "The stable outlook reflects our view that UST will de-lever to 2.7x on an S&P adjusted basis by the end of 2025 (pro forma for the sale of Healthproof), absent any debt financed acquisitions or dividends. We expect the digital revenue segment will return to organic growth during 2025 in the mid-single digit percentage range as the company executes on new bookings wins." UST Holdings has announced the sale of its Healthproof platform. Proceeds of approximately $1.4 billion are expected to be used to redeem capital stock from the company's shareholders as well as pay related fees and expenses. S&P said, "We expect the remaining company (which consists of UST's digital solutions segment, CyberProof and SmartOps platforms, and engineering offerings) to have robust growth in 2025 such that its S&P Global Ratings-adjusted leverage is at 2.7x by year end. We also expect the company's financial policy to support deleveraging. "UST's leverage will weaken, but our deleveraging expectations and views of its financial polies continue to support the rating. UST plans to divest its health care business process as a service (BPaaS) subsidiary--UST Healthproof Inc.--which constituted approximately 25% and 34% of the company's total revenue and EBITDA, respectively. It will use the proceeds of roughly $1.35 billion solely to repurchase equity from Temasek and affiliates, Tricase, and employees without repaying any debt. As such, we expect pro forma leverage to rise to 3x. While this provides a limited cushion to our downside trigger, we expect subsequent deleveraging as revenues grow and margin expansion resumes after the transaction. We project the company to end 2025 with S&P Global Ratings-adjusted leverage of about 2.7x, with further improvement anticipated in 2026. The company's financial policy supports modest deleveraging. The company hasn't used leverage aggressively in the past. "We expect the remaining business' performance to remain healthy. In our updated forecast, we project pro forma annual revenue growth of approximately 8% for full-year 2025. Key factors supporting this include recent multi-year contract wins (long-term contracts around three to five years) spanning the health care, technology, and financial services sectors, providing good revenue visibility. It also includes our belief that demand for IT projects focused on digital transformation, modernization, and AI-driven automation remains strong. While budgetary constraints and sales-cycle elongation have become prevalent in the industry due to macroeconomic conditions, we believe UST has started to outperform the market in 2025 given new contract wins. "We expect some immediate margin degradation from the sale of Healthproof, as this platform had higher margins than the corporate average. However, we forecast that EBITDA margins will quickly rebound by 2026 as the company experiences margin growth through the use of AI, automation, and utilization improvements. These growth initiatives should more than offset the natural margin pressures in the IT services industry, whereby clients push for cost reductions at the time of contract renewals. The company's platforms business (excluding Healthproof) currently operates with negative to low EBITDA margins, which should improve over the longer term as the platforms scale and become more profitable. "The stable outlook reflects our view that UST will de-lever to 2.7x on an S&P adjusted basis by the end of 2025 (pro forma for the sale of Healthproof), absent any debt financed acquisitions or dividends. We expect the digital revenue segment will return to organic growth during 2025 in the mid-single digit percentage range as the company executes on new bookings wins. "We could lower the rating within the next year if UST's S&P Global Ratings-adjusted leverage worsens to over 3x on a sustained basis. This could occur from margin pressures resulting from pricing pressures, project cost overruns, or large investment spending into platforms. Leverage could also rise due to low utilization or poorly executed acquisition integrations." S&P could raise the rating if: -- UST sustains leverage comfortably below 2x, including potential future acquisitions and shareholder returns. This would require the company to formally communicate and adhere to a leverage target that equates to less than 2x on an S&P Global Ratings-adjusted basis; or -- S&P comes to have a more favorable view of the company's business and positioning in the IT services sector. Key factors supporting such a view could include improved product diversity, increased contractual recurring software as a service (SaaS) or BPaaS revenues, and improved profitability. VILLAGE ROADSHOW: Plan Exclusivity Period Extended to November 12 ----------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Village Roadshow Entertainment Group USA Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 12, 2025 and January 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that extensive resources have been required of the Debtors and their professionals to achieve the measures reached in these chapter 11 cases to date. In light of these circumstances, the Debtors submit that the requested extensions are both appropriate and necessary to afford the Debtors with sufficient time to adequately prepare a viable chapter 11 plan and related disclosure statement. Moreover, maintenance of the Debtors' exclusive right to file a plan safeguards the optimal utilization of estate resources for the benefit of all of the Debtors' stakeholders. The Debtors explain that the sale and plan processes have required (and continue to require) extensive negotiations and effort. The Debtors continue to work with parties in interest, including the Debtors' prepetition and postpetition lenders, Warner Bros., the Committee, the U.S. Trustee, and others to finalize the Sales and ultimately forge a consensual path towards confirmation. Indeed, the Debtors and their professionals were required to devote substantial time, energy, and resources to reach this point in these chapter 11 cases. The Debtors assert that they have made significant progress in the months that these chapter 11 cases have been pending, demonstrated most recently by the entry of the Library Sale Order and other sales totaling approximately $440 million. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors further assert that they have endeavored to establish and maintain cooperative working relationships with its primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. Co-Counsel for the Debtors: Joseph M. Mulvihill, Esq. Benjamin C. Carver, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com bcarver@ycst.com Co-Counsel for the Debtors: Justin R. Bernbrock, Esq. Matthew T. Benz, Esq. SHEPPARD, MULLIN, RICHTER & HAMPTON LLP 321 North Clark Street, 32nd Floor Chicago, Illinois 60654 Tel: (312) 499-6300 Fax: (312) 499-6301 Email: jbernbrock@sheppardmullin.com mbenz@sheppardmullin.com - and - Jennifer L. Nassiri, Esq. 1901 Avenue of the Stars, Suite 1600 Los Angeles, CA 90067 Tel: (310) 228-3700 Fax: (310) 228-3701 Email: jnassiri@sheppardmullin.com - and - Alyssa Paddock, Esq. 30 Rockefeller Plaza, 39th Floor New York, NY 10112 Tel: (212) 653-8700 Fax: (212) 653-8701 Email: apaddock@sheppardmullin.com About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VOLTARELLI PROPERTIES: Hires Steven D. Pertuz as Legal Counsel -------------------------------------------------------------- Voltarelli Properties seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire The Law Offices of Steven D. Pertuz, LLC, as bankruptcy counsel. The firm will provide services in connection with the Debtor's Chapter 11 case, which include legal advice regarding its rights and obligations under the Bankruptcy Code; negotiations to obtain financing; assistance with respect to the sale of its assets; and the preparation of a bankruptcy plan. The firm will charge $395 per hour for the services of its attorneys. Law clerks and support staff charge $90 per hour. The firm received an initial retainer of $15,000. Steven D. Pertuz is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Steven D. Pertuz, Esq. The Law Offices of Steven D. Pertuz, LLC 111 Northfield Avenue, Suite 304 West Orange, NJ 07052 Tel: (973) 669-8600 Fax: (973) 669-8700 Email: pertuzlaw@verizon.net SDP 5632 About Voltarelli Properties Voltarelli Properties filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-16160) on June 10, 2025. Judge Stacey L Meisel presides over the case. The Law Offices of Steven D. Pertuz, LLC, is the Debtor's legal counsel. VOYAGER DIGITAL: Former Bank Temporarily Avoids Fraud Lawsuit ------------------------------------------------------------- Sydney Price of Law360 reports that Metropolitan Commercial Bank, the former banking partner of Voyager Digital, has secured the dismissal of a 53-count lawsuit accusing it of aiding the failed crypto lender's misconduct and seeking to hold it liable for reimbursing platform users. The court found that the complaint, as currently filed, does not plausibly allege fraud or unjust enrichment, the report states. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- ran a cryptocurrency platform. Voyager claimed to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provided crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC, as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." W.R. GRACE: S&P Assigns 'B-' Rating on Proposed Term Loan B ----------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to W.R. Grace Holdings Inc.'s proposed term loan B due in 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. S&P expects Grace will use proceeds from the issuance and other secured debt, in addition to $250 million of common equity contributed by parent Standard Industries, to repay its existing term loan ($1.2 billion outstanding). Remaining proceeds will be used to repay incremental revolver borrowings (about $150 million outstanding on the revolver prior to the transaction) and for fees and expenses related to the transaction. The transaction itself is credit positive and will improve liquidity, free cash flow, and leverage. Cumulatively, the three equity contributions this year by Standard should improve Grace's S&P Global Ratings-adjusted debt to EBITDA by about one turn and lead to annual cash savings (interest and tax distributions) of over $30 million per year. S&P said, "We expect this will be offset by lower EBITDA in 2025 and sluggish demand, particularly in the company's specialty catalyst (SC) business. We expect SC sales to remain challenged for at least the remainder of the year as Grace's petrochemical customers grapple with a prolonged downturn characterized by industry overcapacity, weak margins, and tariff uncertainty." S&P said, "All our ratings on Grace, including our 'B-' issuer credit rating, 'B-' rating on its existing secured debt, and 'CCC' rating on its unsecured notes, are unchanged. The stable outlook reflects our view that the positive implications from recent debt repayment will be offset be weaker than anticipated specialty catalyst demand and lower EBITDA in 2025." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's 'B-' issue-level rating on the company's senior secured debt, including W.R. Grace's revolving credit facility and senior secured notes, is unchanged. Our '3' recovery rating is also unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. -- The borrower under the senior secured credit facility is W.R. Grace Holdings LLC, with subsidiary guarantees provided by each direct and indirect, existing, and future materially wholly owned restricted domestic subsidiary, in addition to a parent guarantee by W.R. Grace Midco Holdings LLC. -- The facility is secured by a first-lien security interest in substantially all property of the borrower and guarantors and ranks pari passu with the senior secured notes. In addition to W.R. Grace Holdings LLC, the revolver facility includes subsidiary W.R. Grace & Co.-Conn as a coborrower. -- S&P's 'CCC' issue-level rating and '6' recovery rating on the company's senior unsecured notes are also unchanged. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 5%) recovery. Simulated default assumptions -- S&P's simulated default scenario considers an extended global economic recession, rising raw material costs, and intensifying competition that result in financial distress for the company if the scenario continues for an extended period of time and it materially uses its liquidity to fund cash shortfalls. -- $450 million revolver is 85% utilized. -- Six months of accrued and unpaid interest on all funded debt. -- All scheduled principal amortization made up until the year of default. -- S&P said, "We estimate a $2 billion gross recovery value assuming emergence EBITDA of $326 million and a 6x multiple. We anticipate the company would cut costs and rationalize its business such that profitability generally normalizes. Our 6x multiple reflects the company's large market share and long-established operating platform in specialty chemicals." -- Year of default: 2027 -- EBITDA at emergence: $326 million -- Implied enterprise value multiple: 6x Simplified waterfall -- Gross recovery value: $1.953 billion -- Less assumed estimated unfunded pension claims: $162 million* -- Adjusted gross recovery value: $1.792 billion -- Less 5% administration expense: $90 million -- Net recovery value (after 5% administrative expenses): $1.702 billion -- Valuation split (guarantor/nonguarantor): 60%/40% -- Less: Unpledged 35% of foreign subsidiary stock: $224 million -- First-lien recovery (including recovery on deficiency claims): $1.58 billion -- First-lien debt outstanding at default: $2.504 billion --First-lien recovery expectations: 50%-70% (rounded estimate: 60%) -- Unsecured recovery: $224 million -- Total unsecured claims: $2.256 billion --Unsecured recovery expectation: 0%-10% (rounded estimate: 5%) S&P assumes unfunded pension claims of $54 million domestic and $107 million foreign. All debt amounts at default include six months of accrued prepetition interest. Collateral value includes asset pledges from obligors (after priority claims) including equity pledges (subject to a limit of 65% of foreign stock pledges). WEABER INC: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------- On August 1, 2025, Weaber Inc. filed Chapter 11 protection in the Middle District of Pennsylvania. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. at CIARDI CIARDI AND ASTIN. WELLMADE FLOOR: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Wellmade Floor Coverings International, Inc. 19150 SW 125th CT Tualatin, OR 97062 Business Description: Wellmade Floor Coverings International, Inc., manufactures and distributes hard- surface flooring products, including bamboo, hardwood, and vinyl. The privately owned Company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and warehousing in Portland, Oregon. A non-debtor affiliate operates in China. Chapter 11 Petition Date: August 4, 2025 Court: United States Bankruptcy Court Northern District of Georgia Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Wellmade Floor Coverings International, Inc. (Lead) 25-58764 Wellmade Industries MFR. N.A LLC 25-58760 Judge: Hon. Sage M. Sigler Debtors' Bankruptcy Counsel: John D. Elrod, Esq. Allison J. McGregor, Esq. GREENBERG TRAURIG, LLP 3333 Piedmont Road NE, Suite 2500 Atlanta GA 30305 Tel: 678-553-2259 Fax: 678-553-2269 Email: ElrodJ@gtlaw.com Allison.McGregor@gtlaw.com Debtors' Claims, Noticing, Solicitation & Administrative Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Lead Debtor's Estimated Assets: $50 million to $100 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by David Baker as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/JP3IRHA/Wellmade_Industries_MFR_NA_LLC__ganbke-25-58760__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JV3B7XY/Wellmade_Floor_Coverings_International__ganbke-25-58764__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Flooring Investments LLC Note $3,000,000 2900 NE Blakeley St., Suite B Seattle, WA 98105 Joseph Brotherton Email: Joeb@joebrotherton.com 2. Liberty Mutual Insurance Insurance $709,168 175 Berkely St. Boston, MA 02116 Phone: (425) 709-3600 3. Vietnam Naise New Trade $507,582 Materials Company Limited Lot CN-10 Song Khe-Noi Hoang Industrial Zone Bac Giang City, Vietnam 4. Georgia Power Utilities $374,171 241 Ralph McGill Blvd NE Atlanta, GA 30308 Phone: (888) 660-5890 5. Yschem New Materials Company Trade $210,702 Bat Phi Quarter, Nhan Hoa Ward Que Vo Town, Bac Ninh Province, Vietnam 6. Kodi New Material Company Limited Trade $150,190 Lot CN-10, Hoa Phu Industrial Park Mai Dinh Commune, Hiep Hoa District Bac Giang Province, Vietnam Email: kodivietnam.ltd@gmail.com 7. I4F Licensing NV Licensing $118,241 Industriedijk 19 2300 Turnhout, Belgium Phone: +32 (0) 11 922 111 Email: finance@i4f.com 8. IVC US LLC Trade $115,626 160 South Industrial Blvd Calhoun, GA 30701 9. Wexford International Inc. Trade $109,123 190 Main St., Suite 102 Gladstone, NJ 07934 Phone: (908) 781-7200 Email: contact@wexfordint.com 10. Verity Properties, Inc. Rent $77,063 1000 N Green Valley Pkwy Ste 440, Henderson, NV 89074 erry L. and Deborah J. Ivy Phone: (650) 967-3085 ext. 112 Email: accounts-receivable@verityproperties.com 11. Faven Professional $70,757 795 Hammond Dr. Unit 403, Services Atlanta, GA 30328 12. U.S. Customs and Tax $67,823 Border Protection 1300 Pennsylvania Ave NW, Washington, DC 20229 13. Imerys Carbonates USA, Inc. Trade $59,530 100 Mansell Ct. E, Suite 300 Roswell, GA 30076 Email: ar.imerys@btclients.com 14. ABF Freight Trade $58,187 1165 Wilburn Rd Conley, GA 30288 Phone: (503) 228-2361 Email: achremittance@arcb.com 15. Venable LLP Professional $54,449 600 Massachusetts Ave NW Services Washington, DC 20001 Phone: (410) 528-2805 Email: Finance@Venable.com 16. Sherwin-Williams Company Trade $52,704 101 W Prospect Ave Cleveland, OH 44115 Greg M. Fuller Phone: (404) 542-5623 Email: greg.m.fuller@sherwin.com 17. Netsuite Trade $44,257 500 Oracle Parkway Redwood Shores, CA 94065 Phone: (800) 762-5524 18. Robbins Litigation Professional $43,936 and Regulatory Law Services 500 14th Street NW Atlanta, GA 30318 19. ShinHo Industry Corp. Trade $34,048 No. 6, Jing 1st Rd, Wuqi District Taichung City, Taiwan 435 David Jo Phone: +82 10 9166 8411 Email: davidjo@shinhodecor.com 20. Hong Kong Jianchuan Trading Trade $32,596 Company Limited Unit 1101, 11/F, Chao's Building 143-145 Bonham Strand East Sheung Wan, Hong Kong Zhang Hengfeng Phone: +86-18018228222 Email: milans@mt-floor.com 21. Freeman – International Professional $32,062 Services Event Services 1600 Viceroy Dr Dallas, TX 75235 22. Davis Wright Tremaine LLP Professional $26,932 300 N LaSalle St #2200 Services Chicago, IL 60654 James M. Mei Phone: (503) 778-5315 Email: Jimmei@dwt.com 23. Clifton Larson Allen LLP Professional $25,628 3575 Piedmont Rd NE, Services Bldg 15, Ste 155 Atlanta, GA 30305 24. GP Corrugated LLC Trade $23,935 950 W Industrial Blvd, McDonough, GA 30253 Email: SVC_GPCashApp@gapac.com 25. Estes Express Trade $22,633 6125 Duquesne Dr SW, Atlanta, GA 30336 26. Total Talent Search, Inc. Professional $20,700 1000 Corporate Landing Pkwy Services Virginia Beach, VA 23454 27. Anhui Sunhouse Floor Trade $18,269 Technology Co. Ltd. Cheng Nan Industrial Park, Yu'an District Liuan, Anhui, China 237000 Peter Zhang Phone: 13305650178 Email: peter@sunhousefloor.com 28. Vietnam Heng LI New Trade $17,946 Materials Co. Ltd Lot CN-03 Song Khe-Noi Hoang Industrial Zone Bac Giang City, Vietnam 29. Maanshan Best Purchaser Trade $17,516 Import and Export Trad Co. Ltd Building G2, No. 18 Xingye Road Baochanshan Economic Park Hanshan County, Maanshan City Anhui Province, China 30. Recruit Mate LLC Professional $16,848 455 Old Grassdale Road NE Services Cartersville, GA 30121 Phone: (404) 719-9987 Email: Recruit.Mate@outlook.com [] Commercial Chapter 11 Filing Rose 78% in July 2025 ----------------------------------------------------- Epiq AACER reports that U.S. bankruptcy activity surged in July 2025, led by a sharp rise in commercial Chapter 11 filings, according to data from Epiq AACER. Commercial Chapter 11 filings totaled 911 for the month, marking a 78% increase from 512 filings in July 2024. Overall commercial bankruptcies rose 26% year-over-year, reaching 2,997 compared to 2,371 in the same month last 2024. Subchapter V filings -- used by small businesses under Chapter 11 -- grew 30% to 206, up from 159 in July 2024. Total bankruptcy filings across the U.S. reached 49,614 in July 2025, a 12% increase from 44,452 in the same period last year. Noncommercial filings rose 11% to 46,617, driven by increases in consumer filings. Chapter 7 filings grew 13% to 29,122 from 25,716, while Chapter 13 filings rose 7% to 17,392 from 16,303, according to Epiq AACER. "Both consumers and businesses are increasingly turning to bankruptcy protection amid persistent financial pressures," said Michael Hunter, vice president at Epiq AACER. "We're seeing continued growth in filings as the economy grapples with inflation, high interest rates, household debt, rising delinquencies, and global instability." Compared to June 2025, commercial Chapter 11 filings jumped 46% from 626, while total commercial filings rose 15% from 2,601. Overall bankruptcy filings increased 7% from 46,239, and noncommercial filings also rose 7% from 43,638. Month-over-month, Chapter 7 and Chapter 13 filings each climbed 7% from June levels, while Subchapter V elections dipped slightly—down 2% from 211 to 206, according to report. Amy Quackenboss, Executive Director of the American Bankruptcy Institute (ABI), noted the need for legislative support: "With economic strain persisting, we applaud Congress for considering the restoration of higher debt limits for Subchapter V and Chapter 13, which would expand access to relief for small businesses and consumers." On July 15, the House Judiciary Subcommittee on the Administrative State, Regulatory Reform, and Antitrust held a hearing on bankruptcy law and reform. Lawmakers across party lines supported reinstating the higher debt thresholds that expired last 2025, the report states. [] Garnet Capital Closes $35M Bankruptcy Loan Portfolio Sale ------------------------------------------------------------ Garnet Capital Advisors, a nationally recognized loan sale advisor, announced two successfully closed consumer loan sales totaling $35 million in UPB. The loans were sold on behalf of Huron Trustee Group, a leading consulting firm in North America, following the bankruptcy of the originator and initial servicers. This loan sale featured a unique blend of consumer loan products including home improvement, student loans, motorcycle, pilot training, RVs and more. The sale was completed in two parts: the first consisted primarily of performing loans, while the second included a mix of performing and charged-off loans. As part of our comprehensive portfolio analytics process, Garnet coordinated with 5+ servicers to compile accurate and comprehensive cash flow schedules for each loan type, enabling buyers to evaluate this complex mix of assets. The sales featured a two-round bid process with the offering schedule coordinating with court requirements and timeframes. This process, which attracted multiple registered buyers, resulted in a successful sale. Timothy Madigan, Managing Director at Garnet Capital, stated: "The Garnet approach of vetting the data and making sense of the assets was critical to success of the sale. We were able to work with the seller and the buyer to make sure the sale was completed in compliance with the bankruptcy court. This was a complicated deal given the various asset types and numerous servicers, and the fact the loans were entangled in a bankruptcy case." About Garnet Capital Garnet Capital is a top loan sale advisory firm with over 20 years of experience. Garnet is focused on loan sale advisory for banks, credit unions, hedge funds and specialty finance companies. Its team is made up of 28 professionals, each dedicated to maintaining the firm's integrity and delivering personalized, client-centric strategies that ensure successful execution and long-term relationships. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Timothy Kyle Standley Bankr. E.D. Cal. Case No. 25-23844 Chapter 11 Petition filed July 25, 2025 represented by: Thomas B. Ure, Esq. In re Rumiya Kalieva Bankr. S.D. Fla. Case No. 25-18573 Chapter 11 Petition filed July 27, 2025 represented by: Brian McMahon, Esq. In re Jacob Frese Bankr. W.D. Ark. Case No. 25-71276 Chapter 11 Petition filed July 27, 2025 represented by: Stanley Bond, Esq. In re Paul A. Fields Bankr. N.D. Ala. Case No. 25-02214 Chapter 11 Petition filed July 28, 2025 represented by: Robert Keller, Esq. In re Daniel Matthew Franklin and Chelsey Ann Franklin Bankr. D. Colo. Case No. 25-14708 Chapter 11 Petition filed July 28, 2025 represented by: David Wadsworth, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. Email: dwadsworth@wgwc-law.com In re Annette Christina Cuza Bankr. M.D. Fla. Case No. 25-04690 Chapter 11 Petition filed July 28, 2025 See https://www.pacermonitor.com/view/3SXLZDQ/Annette_Christina_Cuza__flmbke-25-04690__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP E-mail: dvelasquez@lathamluna.com In re Mark Albert Lowery Bankr. M.D. Fla. Case No. 25-02562 Chapter 11 Petition filed July 28, 2025 represented by: Bryan Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP Email: bkmickler@planlaw.com In re Investment Builders Partners LLC Bankr. D. Ariz. Case No. 25-06937 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/2427JKI/INVESTMENT_BUILDERS_PARTNERS_LLC__azbke-25-06937__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Adlai Momtaz Karim Bankr. N.D. Cal. Case No. 25-41344 Chapter 11 Petition filed July 29, 2025 In re Alexis A Morales- Loaisiga and Humberto R Salazar Silva Bankr. N.D. Cal. Case No. 25-30594 Chapter 11 Petition filed July 29, 2025 represented by: Nancy Weng, Esq. In re Richard Paul Kingsborough and Cynthia Eileen Kingsborough Bankr. N.D. Cal. Case No. 25-10461 Chapter 11 Petition filed July 29, 2025 represented by: Brent Meyer, Esq. In re Wolfe-Blurton Funeral Home Inc. Bankr. C.D. Ill. Case No. 25-90427 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/CTG55EY/Wolfe-Blurton_Funeral_Home_Inc__ilcbke-25-90427__0001.0.pdf?mcid=tGE4TAMA represented by: Jeana K. Reinbold, Esq. SGRO, HANRAHAN, DURR, RABIN & REINBOLD, LLP E-mail: jeana@casevista.com In re Omy's Couture Hair Design LLC Bankr. M.D. Fla. Case No. 25-05233 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/T2TAHXI/Omys_Couture_Hair_Design_LLC__flmbke-25-05233__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re B&T Investment, LLC Bankr. S.D. Fla. Case No. 25-18655 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/5FZ2Y2Y/BT_Investment_LLC__flsbke-25-18655__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Botica LLC Bankr. N.D. Ga. Case No. 25-58444 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/ASENKIY/Botica_LLC__ganbke-25-58444__0001.0.pdf?mcid=tGE4TAMA represented by: Jonathan A. Akins, Esq. SCHREEDER, WHEELER & FLINT, LLP E-mail: jakins@swfllp.com In re RMN Investment Group, LLC Bankr. N.D. Ga. Case No. 25-58448 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/PGLZDBQ/RMN_Investment_Group_LLC__ganbke-25-58448__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ernest B. Edwards Bankr. N.D. Ill. Case No. 25-11578 Chapter 11 Petition filed July 29, 2025 represented by: Carolina Sales, Esq. In re Eugene Oppman Bankr. E.D. La. Case No. 25-11609 Chapter 11 Petition filed July 29, 2025 represented by: William Steffes, Esq. THE STEFFES FIRM, LLC E-mail: bsteffes@steffeslaw.com In re PRND3L, Inc. Bankr. D. Mass. Case No. 25-40801 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/F37YHEI/PRND3L_Inc__mabke-25-40801__0001.0.pdf?mcid=tGE4TAMA represented by: Joseph Bodoff, Esq. RUBIN AND RUDMAN LLP E-mail: jbodoff@rubinrudman.com In re Jamaica Estates South Design Group LLC Bankr. E.D.N.Y. Case No. 25-43600 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/2SGZD5I/Jamaica_Estates_South_Design_Group__nyebke-25-43600__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lake Salisbury LLC Bankr. S.D.N.Y. Case No. 25-11661 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/WD72FXI/LAKE_SALISBURY_LLC__nysbke-25-11661__0001.0.pdf?mcid=tGE4TAMA represented by: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN E-mail: vokma@aol.com In re Lake Salisbury LLC Bankr. S.D.N.Y. Case No. 25-11660 Chapter 11 Petition filed July 29, 2025 See https://www.pacermonitor.com/view/WFWDQGQ/LAKE_SALISBURY_LLC__nysbke-25-11660__0001.0.pdf?mcid=tGE4TAMA represented by: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN E-mail: vokma@aol.com In re Michelle E. MacGregor Bankr. D. Ore. Case No. 25-62106 Chapter 11 Petition filed July 29, 2025 represented by: Theodore Piteo, Esq. In re Christopher J Younger Bankr. W.D. Pa. Case No. 25-21959 Chapter 11 Petition filed July 29, 2025 Filed Pro Se In re Patrick Jay McCauley and Paricia Lee McCauley Bankr. E.D. Cal. Case No. 25-23919 Chapter 11 Petition filed July 30, 2025 In re Donald James Runnals Bankr. N.D. Cal. Case No. 25-41356 Chapter 11 Petition filed July 30, 2025 In re Elm Street REI, LLC Bankr. D. Mass. Case No. 25-40807 Chapter 11 Petition filed July 30, 2025 See https://www.pacermonitor.com/view/5XLFD2Q/Elm_Street_REI_LLC__mabke-25-40807__0001.0.pdf?mcid=tGE4TAMA represented by: James P. Ehrhard, Esq. JAMES P. EHRHARD, ESQ. E-mail: ehrhard@ehrhardlaw.com In re Boothe Investments LLC Bankr. D. Mass. Case No. 25-40803 Chapter 11 Petition filed July 30, 2025 See https://www.pacermonitor.com/view/6RZBRGQ/Boothe_Investments_LLC__mabke-25-40803__0001.0.pdf?mcid=tGE4TAMA represented by: James P. Ehrhard, Esq. JAMES P. EHRHARD, ESQ. E-mail: ehrhard@ehrhardlaw.com In re Christopher Fischer Bankr. E.D. Mo. Case No. 25-20128 Chapter 11 Petition filed July 30, 2025 represented by: David Dare, Esq. In re Las Vegas ILPK 28O L L C Bankr. D. Nev. Case No. 25-14373 Chapter 11 Petition filed July 30, 2025 See https://www.pacermonitor.com/view/YS2PZUQ/LAS_VEGAS_ILPK_28O_L_L_C__nvbke-25-14373__0001.0.pdf?mcid=tGE4TAMA represented by: David J. Winterton, Esq. DAVID WINTERTON & ASSOCIATES, LTD. E-mail: autumn@davidwinterton.com In re Hooper Property LLC Bankr. M.D. Tenn. Case No. 25-03119 Chapter 11 Petition filed July 30, 2025 See https://www.pacermonitor.com/view/ZALX4DI/Hooper_Property_LLC__tnmbke-25-03119__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Christopher J McCoy Bankr. W.D. Wash. Case No. 25-12111 Chapter 11 Petition filed July 30, 2025 represented by: Steven Palmer, Esq. CAIRNCROSS & HEMPELMANN, PS Email: spalmer@cairncross.com In re Slate Gap Signs, LLC Bankr. W.D. Ark. Case No. 25-71331 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/AOLEN3A/Slate_Gap_Signs_LLC__arwbke-25-71331__0001.0.pdf?mcid=tGE4TAMA represented by: Stanley V. Bond, Esq. BOND LAW OFFICE E-mail: attybond@me.com In re Frese Industries, Inc. Bankr. W.D. Ark. Case No. 25-71330 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/I2O2YEA/Frese_Industries_Inc__arwbke-25-71330__0001.0.pdf?mcid=tGE4TAMA represented by: Stanley V. Bond, Esq. BOND LAW OFFICE E-mail: attybond@me.com In re I V Support Systems, Inc. Bankr. C.D. Cal. Case No. 25-12139 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/4B4BPXQ/I_V_Support_Systems_Inc__cacbke-25-12139__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron E. de Leest, Esq. MARSHACK HAYS WOOD LLP E-mail: adeleest@marshackhays.com In re Bhowmick Liquor Inc. Bankr. D. Colo. Case No. 25-14811 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/XC2TEQI/Bhowmick_Liquor_Inc__cobke-25-14811__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Morgan Nelson Knull Bankr. D.D.C. Case No. 25-00305 Chapter 11 Petition filed July 31, 2025 represented by: Brett Weiss, Esq. THE WEISS LAW GROUP, LLC In re CME Fitness LLC Bankr. M.D. Fla. Case No. 25-04821 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/VQ2HOEY/CME_Fitness_LLC__flmbke-25-04821__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Joshua B. Kantor Bankr. M.D. Fla. Case No. 25-05400 Chapter 11 Petition filed July 31, 2025 represented by: Amy Mayer, Esq. In re Mark Jason McLaren Bankr. D. Kan. Case No. 25-10802 Chapter 11 Petition filed July 31, 2025 represented by: Ryan Blay, Esq. In re Sergio E. Espinoza Bankr. D.N.J. Case No. 25-18082 Chapter 11 Petition filed July 31, 2025 represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: jshapiro@middlebrooksshapiro.com In re Soo R. Kang and Jun S. Oh Bankr. D.N.J. Case No. 25-18099 Chapter 11 Petition filed July 31, 2025 represented by: David Stevens, Esq. In re Bedford Capital Lofts LLC Bankr. E.D.N.Y. Case No. 25-43691 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/VZLB5MI/Bedford_Capital_Lofts_LLC__nyebke-25-43691__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Raleg Marcy Group Inc Bankr. E.D.N.Y. Case No. 25-43697 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/2VOH7SA/Raleg_Marcy_Group_Inc__nyebke-25-43697__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Wes Clarkson 792 Holding Corp Bankr. E.D.N.Y. Case No. 25-43690 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/7XKQI2A/Wes_Clarkson_792_Holding_Corp__nyebke-25-43690__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Floriano Hartsdale LLC Bankr. S.D.N.Y. Case No. 25-22718 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/I5PDGUY/Floriano_Hartsdale_LLC__nysbke-25-22718__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lynnhaven School, Inc. Bankr. E.D. Va. Case No. 25-33044 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/NCCQOFA/Lynnhaven_School_Inc__vaebke-25-33044__0001.0.pdf?mcid=tGE4TAMA represented by: Lynn L. Tavenner, Esq. TAVENNER & BERAN, PLC E-mail: ltavenner@tb-lawfirm.com In re John Kania Mitchell Vogel Bankr. E.D. Va. Case No. 25-11560 Chapter 11 Petition filed July 31, 2025 represented by: Jillinda Glenn, Esq. In re 1 World Globes & Maps, LLC Bankr. W.D. Wash. Case No. 25-12145 Chapter 11 Petition filed July 31, 2025 See https://www.pacermonitor.com/view/5NOPGFY/1_World_Globes__Maps_LLC__wawbke-25-12145__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Brian Scott Dyer and Lara Owen Dyer Bankr. N.D. Ala. Case No. 25-41021 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/5IWX3CQ/Brian_Scott_Dyer_and_Lara_Owen__alnbke-25-41021__0001.0.pdf?mcid=tGE4TAMA represented by: Stacy L. Upton, Esq. LONG & UPTON, LLC E-mail: suptonlaw@gmail.com In re Marco Anthony Archer Bankr. C.D. Cal. Case No. 25-15377 Chapter 11 Petition filed August 1, 2025 represented by: Leonard Pena, Esq. In re Phora, LLC Bankr. C.D. Cal. Case No. 25-15379 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/S6GLCBQ/Phora_LLC__cacbke-25-15379__0001.0.pdf?mcid=tGE4TAMA represented by: Leonard Pena, Esq. PENA & SOMA, APC Email: lpena@penalaw.com In re LHW Construction and Development Bankr. C.D. Cal. Case No. 25-11407 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/HP2NKBY/LHW_Construction_and_Development__cacbke-25-11407__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ivy Tran Pham Ngo Bankr. D. Colo. Case No. 25-14867 Chapter 11 Petition filed August 1, 2025 represented by: David Wadsworth, Esq. In re Archangel Disciplines LLC Bankr. S.D. Fla. Case No. 25-18962 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/6R5MQ5A/Archangel_Disciplines_LLC__flsbke-25-18962__0001.0.pdf?mcid=tGE4TAMA represented by: Jesus Santiago, Esq. JESUS SANTIAGO E-mail: jesus@dasa.law In re Michigan Health Clinics, P.C. Bankr. E.D. Mich. Case No. 25-21028 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/OXK6Z2Q/Michigan_Health_Clinics_PC__miebke-25-21028__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Chestnut Bay Equestrian, Inc. Bankr. E.D.N.Y. Case No. 25-72960 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/UASDZTY/Chestnut_Bay_Equestrian_Inc__nyebke-25-72960__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. E-mail: weiss@ny-bankruptcy.com In re Vitaly Dreval Bankr. E.D.N.Y. Case No. 25-43730 Chapter 11 Petition filed August 1, 2025 represented by: Alla Kachan, Esq. In re Gerard Karlen Bankr. S.D.N.Y. Case No. 25-22725 Chapter 11 Petition filed July 31, 2025 represented by: Narotam Rai, Esq. In re Herbert Wayne Butterbaugh Bankr. S.D. Ohio Case No. 25-11885 Chapter 11 Petition filed August 1, 2025 represented by: James Hausen, Esq. In re Alexi C Matousek and Sarah B Matousek Bankr. E.D. Wash. Case No. 25-01369 Chapter 11 Petition filed August 1, 2025 In re Clever Being, LLC Bankr. W.D. Wash. Case No. 25-12154 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/N72P44I/Clever_Being_LLC__wawbke-25-12154__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Say It Visually, Inc. Bankr. W.D. Wash. Case No. 25-12153 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/NU5ZRMA/Say_It_Visually_Inc__wawbke-25-12153__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Let's Repair LLC Bankr. W.D. Wash. Case No. 25-12150 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/2OGV4BQ/Lets_Repair_LLC__wawbke-25-12150__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re JAM Trucking, Inc. Bankr. S.D. W.Va. Case No. 25-50061 Chapter 11 Petition filed August 1, 2025 See https://www.pacermonitor.com/view/MDYWG4Q/JAM_Trucking_INC__wvsbke-25-50061__0001.0.pdf?mcid=tGE4TAMA represented by: Brian R. Blickenstaff, Esq. JOHNS & ASSOCIATES, PLLC In re RCM Living Holdings LLC Bankr. M.D. Fla. Case No. 25-05492 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/U2ZNF6A/RCM_Living_Holdings_LLC__flmbke-25-05492__0001.0.pdf?mcid=tGE4TAMA represented by: Megan W. Murray, Esq. UNDERWOOD MURRAY, P.A. E-mail: mmuray@underwoodmurray.com In re 111 Halley Drive LLC Bankr. S.D.N.Y. Case No. 25-22728 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/ECTNFDA/111_Halley_Drive_LLC__nysbke-25-22728__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Santa Fe Specialty Foods, LLC Bankr. N.D. Tex. Case No. 25-50214 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/6U453HA/Santa_Fe_Specialty_Foods_LLC__txnbke-25-50214__0001.0.pdf?mcid=tGE4TAMA represented by: David R. Langston, Esq. MULLIN HOARD & BROWN, L.L.P. E-mail: drl@mhba.com In re Elite Fencing & Construction LLC Bankr. S.D. Tex. Case No. 25-80358 Chapter 11 Petition filed August 4, 2025 See https://www.pacermonitor.com/view/ZN54ADQ/Elite_Fencing__Construction_LLC__txsbke-25-80358__0001.0.pdf?mcid=tGE4TAMA represented by: Ricardo Guerra, Esq. GUERRA DAYS LAW GROUP, PLLC E-mail: bankruptcy@guerradays.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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